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It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
Italian spreads signal Conte confidence ahead of Senate vote
3 years ago
Italian banks are among the best performers in credit on Tuesday as hopes rise for a vote of confidence in prime minister Giuseppe Conte's government and the CDS market returns to tighter spreads -
Comment: Europcar auction dented short-sellers but not CDS
3 years ago
Far from showing the CDS market is not fit for purpose, last week's Europcar Mobility Group credit event auction was a lesson that speculative short selling is a dangerous ploy - especially when the trade is crowded -
Europcar CDS auction shocks protection buyers with zero pay-out
3 years ago
Wednesay's auction to settle Europcar Mobility Group CDS has left protection buyers on the company with nothing to show for their investments and hedges, after dealers produced an unexpected 100% recovery on contracts due to a technical mismatch in bids and orders -
LP round-up: investors gift private debt and leveraged loan RFPs over holiday season
3 years ago
2020 ended on a strong note with four institutional investors increasing asset allocation to private debt or initiating private debt and leveraged loan searches. ArrowMark, Banner Ridge, BBAM, HIG Whitehorse, Monroe and Rialto were also awarded mandates -
Big push wider in high yield as traders cut their longs
3 years ago
Europe's iTraxx Crossover CDS index has given up a big part of its recent rally today, underperforming other indices amid signs traders are closing up books early for the end of the year -
No auction needed for Zambia CDS, says DC
3 years ago
Investors will have to physically settle Republic of Zambia CDS as there are not enough contracts outstanding to merit a credit event auction, the Emea Determinations Committee has ruled -
Wide-end names gain ground as market hits impasse
3 years ago
Financial markets appear to have a hit resistance points in several asset classes today, with credit, stocks and oil prices struggling to find traction despite encouraging signals from the UK on rolling out the Pfizer/BioNTech covid vaccine -
Investment grade rallies hard on hopes of end to US deadlock
3 years ago
In a change from the recent trend investment grade credit is the front mover today, playing catch up on high yield as the market-wide rally gathers pace -
Zambia triggers failure to pay credit event
3 years ago
The Republic of Zambia has triggered a failure-to-pay credit event, he EMEA Determinations Committee has ruled -
IG and crossover indices converge while European CLO double Bs rally
3 years ago
iTraxx Crossover is again outperforming Main today with the investment grade index widening 0.11bp to 52.56bp while the crossover index is 2.42bp tighter to 296.99bp. Meanwhile bank research signals that junior CLO tranches could benefit as investors look at covid industries through a different lense -
CDS indices edge wider and positive skew opens as Pershing Square puts on new hedge
3 years ago
Credit indices have widened a touch this week but they’re back in focus with reports that Pershing Square Capital Management, led by Bill Ackman, has this week used CDS indices to hedge parts of its equity portfolio -
Barings and PGIM win loan and structured credit mandates as pension puts £2.7bn in credit
3 years ago
The firms will manage global syndicated loans, securitised credit, emerging market debt and global high yield credit for Border to Coast Pension Partnership's £2.7 billion ($3.43 billion) multi-asset credit fund -
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 -
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. -
Don’t be a hero: managers opt to go market-neutral
3 years ago
There’s yet more volatility in store later this year — that’s the consensus according to credit portfolio managers that have spoken to Creditflux. What they are unsure about is the scale and direction of this movement, which is leading them to prune their portfolios with an emphasis on market-neutral tactics -
Selecta Group CDS gets caffeine jitters
3 years ago
Against a general rallying trend in the European high yield market, Swiss coffee machine vendor Selecta Group is a big widener today in five-year CDS - even as its bonds and shorter tenor protection show much more stability -
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. -
DC sets tight deadline to resolve Hertz challenge
3 years ago
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction -
LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
4 years ago
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations -
Assurant outsources investment management
4 years ago
Assurant has outsourced the management of its core investment portfolio to Goldman Sachs Asset Management and Voya Investment Management -
Airlines and banks lead way as credit rallies on aid measures
4 years ago
Airlines are getting the best of a positive start to the week, with hopes of financial assistance growing for European carriers and spreads generally pushing tighter after the Bank of Japan unveiled new stimulus measures -
Frontier triggers credit event but HY equity tranches outperform
4 years ago
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low -
Longview Power turns to coal for handful of CLOs
4 years ago
CLOs hold $43.9 million of the debt of US power company LongView Power, which filed for Chapter 11 in the District of Delaware yesterday -
Frontier bankruptcy dials up pressure for 90 CLOs
4 years ago
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York
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