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It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
2 years ago
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US -
It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
2 years ago
Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground -
Fund performance: Lightning strikes twice as range of credit funds deliver
What seemed like a chance occurrence in February has struck again in March, as seven categories make our top 10 best performing hedge funds -
Huarong resumes sharp rally as China weighs asset support
3 years ago
China Huarong Asset Manager rallied sharply in the credit market on Wednesday amid media reports China’s central bank could assume some of the state-owned bad debt manager’s assets -
China contagion fears linger as Huarong rebounds
3 years ago
China Huarong Asset Manager, the state-owned bad debt manager, is back on a path to improvement after shocking markets by delaying its annual report. But questions remain over the extent of government support and the ripple effects to the wider credit market -
High yield leads way as credit steals march on Biden boost
3 years ago
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 -
Broad sell off resumes as government yields head north
3 years ago
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 -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
ESG was factor when firing managers for 42% of investors, survey reveals
3 years ago
The latest survey from investment consultant Bfinance shows the coronavirus pandemic increased focus on ESG issues for over a third of investors - and ESG is important when selecting external asset managers -
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 -
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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Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
Europcar CDS auction to include loan deliverables following challenge
3 years ago
An auction tomorrow to settle CDS contracts referencing Europcar Mobility Group will include a term loan facility agreement as a deliverable obligation, following a challenge to the initial list -
Europcar auction faces challenge with tight turnaround
3 years ago
The Emea Determinations Committee has little time to settle a challenge on Europcar Mobility Group deliverable obligations if an auction to settle CDS contracts referencing the defaulted French vehicle hire firm is to take place on time this week -
It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
3 years ago
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December -
LCH starts clearing US credit index options
3 years ago
LCH, the central clearing house of the London Stock Exchange Group, has expanded its CDSClear service to clear US credit index options -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
Compression plays out as HY and European CLO double Bs outperform
3 years ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
3 years ago
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies -
Covid toll puts reality check on market rally
3 years ago
Credit markets look to have hit a point of resistance, with spreads retracing today amid a rising likelihood of stricter covid-19 measures be applied in places such as New York, Tokyo and Madrid -
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 -
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 -
Changes in scope for CDS indices and tranches ahead of roll
3 years ago
Structural changes look to be afoot globally for CDS indices and tranches ahead of the September roll, with IHS Markit weighing amendments to products in all three traded regions -
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.
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