Los Angeles pension seeks global credit manager for $880 million mandate
Flush with cash? The Los Angeles Water & Power Employees' Retirement Plan has launched a request for proposal for its ‘active extended global credit’ mandate. But only managers with $50 billion under management need apply

No sign of caution as single names pick up rally into long weekend
Credit has extended its impressive rally into the long weekend, with single names playing catch up with indices amid economic recovery signals and on the back of US president Joe Biden unveiling a $2 trillion infrastructure plan

CIFC multi-asset strategy launch underlines diversification beyond CLOs
CIFC Asset Management has launched a multi-strategy credit strategy, underlining its development from a CLO issuance business to a broader credit asset manager

High yield leads way as credit steals march on Biden boost
Credit indices have taken another turn for the tighter, even as stocks stay flat ahead of US president Joe Biden unveiling his infrastructure and economic recovery package

Fund lenders heighten scrutiny after alleged subscription credit facility fraud
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes

Corp hybrid popularity mounts, but strategist outlooks diverge
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance

CDX HY index adds 21bp in roll to series 36
US high yield index CDX HY rolled into series 36 on Monday, starting life 21bp wider than outgoing series 35

Spreads rally sharply ahead of US high yield index roll
Credit markets are rallying into the weekend, pushing US high yield index CDX HY inside a key trading level ahead of its roll to a new series on Monday

Saba named as replacement manager on lev loan fund
Saba Capital Management expects to transition a 'meaningful portion' of the leveraged loan fund into assets like bonds, special purpose acquisition companies and closed-end funds

TRS goes electronic on Tradeweb with iBoxx trade
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

CDX HY roll calculations shift as new name change added
A sixth CDX HY constituent change has been added to the provisional list for the index's roll on Monday from series 35 to 36

Vontobel names fixed income trading head amid four senior hires
Vontobel Asset Management has appointed four senior hires to its team including a newly created role of head of fixed income trading

Tikehau hires UK institutional business head
Tikehau Capital has appointed a head for its UK institutional business

Roll pushes indices wider but fair value trumps technical positioning
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes

CDX HY to include name with no CDS as new liquidity rules shape portfolio
Changing name selection criteria for the CDX HY is set to produce an unusual result at the forthcoming roll into series 36, with one borrower constituent entering the index that as yet has no CDS attached

Head of alternative credit among Pimco's new managing director cohort
Pimco has promoted seven to managing director including its head of alternative credit and private strategies

Blackstone opens up new horizons with CIO hire for multi-manager business
Blackstone Alternative Asset Management has launched a new platform named Blackstone Horizon and hired a hedge fund veteran as chief investment officer

Yield rise is buying signal for bonds, says BNP Paribas
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists

ESG basket grows and rising stars take focus in CDS index roll changes
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios

Brazil upheaval sends EM spreads to new wides
Emerging market credit spreads are reaching new wides, with Brazil holding focus in the sell off amid a spike of covid 19 cases and deaths well beyond the country’s previous peak. Elsewhere credit is in a stable range but underperforming a more buoyant turn in other asset classes

Tabula makes series of hires for active credit fund launch
A new arm of independent investment manager and fixed income ETF provider Tabula Investment Management has made four hires as it looks to launch actively managed credit strategies with a systematic approach

Broad sell off resumes as government yields head north
Caution is returning at the end of a stronger week for credit, as government bond yields resume their push higher. Asian and European markets followed the US lead from Wednesday with ubiquitous widening of spreads across indices and single names

US credit specialists prepare for partial return to office
Positive covid-19 data coming out of the US is turning market participants’ attention to a potential return to the office

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves