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European credit returns to peak covid levels with UK getting pounded
1 year ago
What looks set to be another challenging week for financial markets has opened as bearishly as last week ended, with credit spreads in Asia and Europe once again surging to new wides -
Fund lenders heighten scrutiny after alleged subscription credit facility fraud
3 years ago
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes -
Spreads rally sharply ahead of US high yield index roll
3 years ago
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 -
CDX HY roll calculations shift as new name change added
3 years ago
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 -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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Single names join rally as positive skews persist in Europe
3 years ago
Single name CDS has joined the rally with European credit moving tighter this morning to continue the momentum from Monday. iTraxx Main is trading 2.1 basis tighter at 61.1bp today, according to IHS Markit, having shed 1.9bp yesterday. Similarly, iTraxx Crossover at 348.2bp has tightened 9.7bp today after tightening 9.1bp yesterday -
Europe leads opening rally, with Asian boost to autos, banks and commodity traders
3 years ago
A bullish tone in Asia around the economic recovery from the coronavirus pandemic has carried over into the rest of the credit market at the start of the week, taking European spreads tighter and pointing to a solid opening for the US after its long weekend -
Owl Rock becomes last investment grade BDC to win increased leverage approval
4 years ago
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday -
Bloodbath in primary as credit bleeds months of profit
4 years ago
Some primary market bond issues that investors lapped up in the heady weeks of January are being put to the sword as February ends, while the coronavirus-led downturn in credit has squandered several months of gains in the CDS market -
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
4 years ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July -
Solar BDC shines a light on its bid to focus on first lien loans
4 years ago
Solar Capital is taking a prudent approach to loan investments with the firm reducing its exposure to second liens, according to the business development company's earnings call -
Lord Abbett markets new credit interval fund
5 years ago
The asset manager becomes the latest to join the interval fund rush -
Oak Hill BDC's assets continue to nosedive as board explores options
6 years ago
As it continues to bleed assets, Oak Hill Advisors’ direct lending business development company (BDC) has jettisoned the last of its energy assets -
Ironwood raises at least $162 million for new mezz fund
6 years ago
Connecticut-based Ironwood Capital has raised in excess of $162 million for its latest mezzanine fund – Ironwood Mezzanine Fund IV, according to recent SEC filings. -
Magnetar poaches former KKR private credit specialist
6 years ago
Alternative asset manager Magnetar Capital has hired private credit specialist Erik Falk from private equity firm Kohlberg, Kravis, Roberts & Co -
Owl Rock adds new direct loans, taking BDC to over $1 billion
7 years ago
Owl Rock Capital has continued to make rapid progress in ramping up its private business development company, one of the biggest debut mid-market debt funds of recent years -
CDS traders find out what becomes of the broken iHeart debt
7 years ago
Traders know they've got to find some kind of peace of mind as iHeart settlements come in as expected -
Correction and update: Chenavari markets second close of its Deleveraging Opportunities fund
7 years ago
In the October issue of the Creditflux newsletter we incorrectly reported that Chenavari’s credit hedge fund, Chenavari – Corporate Credit Strategy, is amortising. This is not the case. -
Credit market snapshot: strong US data cancels out weak European
9 years ago
Poor data from European markets gets credit off to a weak start, but the US comes to the rescue -
Credit market snapshot: US markets reopen with a weak day
9 years ago
US credit underperforms equities while European credit inches tighter -
Credit market snapshot: US spreads go wider but financials tighten
10 years ago
Credit spreads in the US push wider, but European financials tighten regardless -
Credit market snapshot: European markets push wider
10 years ago
A soft day for European markets saw crossover and investment grade names both shift wider -
Credit market snapshot: Europe continues to outperform
10 years ago
European high yield and senior financials’ spreads continue to push tighter in lacklustre market -
Credit market snapshot: financials ignore stagnant market to tighten
10 years ago
Financial spreads refuse to take any notice of a flat wider market and continue to tighten -
Credit market snapshot: Credit continues to grind tighter
10 years ago
Credit spreads in US and Europe continue to grind tighter as cash spreads come in
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