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March madness sees most funds give up gains made in Q1
1 year ago
After a positive start to the year, credit funds ended the quarter with a step backwards; just under 30% of those listed reached positive returns for the month. -
CLO funds make best of a bad situation
1 year ago
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies -
Fund performance: European CLO funds lead the way
1 year ago
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January -
Fund performance: Credit funds end difficult 2022 on a positive note
1 year ago
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black -
Largarde snowballs puncture complacent calm and shocks spreads wider
1 year ago
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging -
Major fund withdrawals undermine credit momentum
1 year ago
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money -
Rebuke for optimism as US jobs send market bulls running for cover
1 year ago
Investors’ determination to maintain an optimistic outlook on US Federal Reserve policy hit a point of reckoning on Friday, with hot US jobs numbers adding weight to committee members’ message that there is still a lot more work for them to do -
Ukraine auction looks set to avoid Russia-style bond squeeze
1 year ago
An auction to settle sovereign CDS contracts referencing Ukraine looks set to produce a final price much more in line with bond trading levels than the result earlier this month for Russian Federation contracts -
Powell moves set to surpass power moves as credit spreads head wider
1 year ago
Hedging has been a prominent feature of financial markets ahead of Wednesday’s hotly anticipated US Federal Reserve statements, but Russia’s move to escalate its war efforts in Ukraine has injected another layer of uncertainty -
US-led sell off shifts index roll technicals with key rates decisions looming
1 year ago
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run -
Euro credit hits new tights against US after months of underperformance
1 year ago
The gap between European and US credit has closed, with indices trading at their tightest relationship for several months, after US economic data introduced a fresh bout of volatility -
Spreads trace worryingly familiar arc as investors take good news as bad and bad new worse
1 year ago
Credit spreads are pushing ever closer towards the year’s peak levels, continuing Wednesday a sell off that began on Tuesday, with positive US economic data perversely sparking a bearish shift in financial assets that negative European data has since compounded -
Ukraine triggers restructuring credit event
1 year ago
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled -
Rising stars, decompression and trade unwinds set to drive September roll: Barclays
1 year ago
Decompression and US / Europe relative value trade unwinds look set to characterise the September CDS index roll, with the prospect of no changes to iTraxx Europe for the first time in recent memory, say Barclays credit strategists -
Turkey stuffs investors with surprise rate cut
1 year ago
Turkey’s rollercoaster ride in debt markets is on another upswing to vertiginous spread levels, with the country having shocked participants with a counterintuitive rate cut -
Ukraine posed as credit event after country defers debt
1 year ago
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments -
ECB acts on inflation but gas and other worries grow worse
1 year ago
If European Central Bank officials breathed a sigh of relief when their first hike in 11 years did not immediately rattle markets — or even dared believe a more hawkish signal helped confidence — the reprieve was short-lived -
Russia and retail put stop to credit rally with big spread reversal
1 year ago
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider -
Europe takes brunt of spread blowout as US inflation exceeds forecasts
1 year ago
The gap in performance between European and US credit has yawned wider on Wednesday, with investors adding hedges indices in response to a key inflation number that came out higher than expected -
SocGen promotes credit head in New York
1 year ago
Societe Generale has appointed a 20-year veteran of the bank to head of fixed income for the Americas -
Europe vs US arb hits resistance as dislocation becomes more extreme
1 year ago
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation -
Euro markets slump against US after slowdown signals drive sell off
1 year ago
European credit is once again underperforming the US, after data pointing to economic slowdown sent the euro to a 20-year low against the dollar -
Fed hike speculation holds sway over Europe and Asia despite US holiday
1 year ago
Credit markets have opened the week marginally tighter, with Europe and Asia cautious on Monday in the absence of a US trading session, and US Federal Reserve statements likely to drive sentiment in the rest of the week -
Market jitters mount as US delivers May CPI
1 year ago
Credit spreads have moved sharply wider for the fourth day straight as investors digested the European Central Bank’s hawkish turn and watched with trepidation for the US to reveal its May consumer price index numbers -
Russian credit event auction plans put on hold after US sanctions update
1 year ago
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction
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