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IG tranches look 'boring' after distressed names ejected at roll
3 years ago
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers. -
Europe/US high yield gap re-opens with roll, but raises fair value questions
3 years ago
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated -
LP round up: $5 billion flows to credit as private market allocations increase
3 years ago
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux -
Matalan auction initial bids point to lower than expected CDS pay out
3 years ago
Early bidding in a credit event auction today to settle CDS referencing UK retailer Matalan indicates the final result will be higher than predicted by recent five-year quotes but roughly in line with modelled recoveries -
Credit event auctions mount as European resistance breaks
3 years ago
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions -
Credit fundraising: distressed keeps in favour but CLO ETFs emerge
3 years ago
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies -
French and travel names lead sell off as UK widens quarantine list
3 years ago
European credit is pushing wider at the end of the week, following the UK's decision to remove France, the Netherlands and other countries from its list of those safe to travel to without quarantine -
Fund performance: Credit funds post double-digit gains
3 years ago
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category. -
Ucits at a glance: Ucits recover lost ground
3 years ago
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier. -
Matalan heads deep into distress
4 years ago
Matalan, the UK retailer, is heading deep into distressed territory with its five-year CDS surging wider today -
Frontier CDS auction to follow Lebanon and Whiting Petroleum
4 years ago
An auction to settle CDS referencing Frontier Communications will take place next month -
CVC looks to cut quarterly tenders from 25% to 10% in listed credit fund
4 years ago
CVC Credit Partners is looking to amend quarterly tender terms through shareholder approval on its its listed credit fund to "respond to changes relating to covid-19 pandemic in the best way possible" -
Jump-to-default risk collapses after Senate backs biggest ever US relief package
4 years ago
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves -
Credit market hits new wides as government outbreak measures intensify
4 years ago
Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak -
Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
4 years ago
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence -
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
4 years ago
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off. -
Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
4 years ago
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management -
Blackstone grows credit assets by 31% over year
5 years ago
The firm achieved strong fundraising in credit, taking credit-related assets under managment to $130.6 billion in the third quarter, a 31% increase year-on-year -
65% of distressed managers plan new funds over the next year, survey finds
5 years ago
Distressed debt is proving to be a popular strategy for managers, with 65% intending to launch a distressed strategy in the next 12 months, according to a report by Creditflux’s sister publication Debtwire and law firm Ropes & Gray. -
Leading fund: Lupus Alpha CLO Opportunity Notes I
6 years ago
Single-B CLO trades boost Lupus Alpha asset Management -
Former Perry chief launches distressed fund in Greenwich
7 years ago
Former CIO begins trading with distressed debt and equity strategy
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