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Fund performance
2 months ago
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2 -
Credit and commodities diverge after China abandons zero-covid approach
1 year ago
Markets present a mixed picture at the start of the week, with Europe – still processing Friday’s US jobs numbers – opening cautiously after China’s retreat from strict zero-covid policies boosts commodity prices but raises fears of an infection wave -
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 -
Swiss bank looks to plug holes but investors are hun-gruyere for risk
1 year ago
Credit Suisse is a rare, worrisome cloud in an otherwise brightening sky this week, as Europe extends its tightening trend in credit with the US standing at ease for the Thanksgiving holiday -
Europe's outperformance reverses after Poland attack and inflation numbers
1 year ago
European credit spreads are heading wider, following a strong run, with the UK’s latest inflation reading worse than expected and a missile strike on Poland having raised geopolitical risk on the continent -
Down in the hole: investors hedge their bets ahead of pivotal Powell
2 years ago
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell -
Spreads retreat ahead of pivotal US inflation report
2 years ago
Investors are holding their breath on Wednesday ahead of the latest US inflation numbers, with any change from last month’s reading likely to dictate a sizeable move in financials markets -
Italian rally extends as Europe opens week on stronger tone than US
2 years ago
Improvement in Italian spreads is helping the European market maintain its better tone at the start of the week, but after July’s rally many investors will be wary at entering a month that has often been negative for credit performance -
Ucits at a glance: LBBW shines as Ucits take a turn for the worse
2 years ago
Ucits fund returns -
Europe vs US arb hits resistance as dislocation becomes more extreme
2 years 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 -
US / European high yield compression trades win as Fed unveils new hiking regime
2 years ago
The remarkable recent outperformance of US credit derivatives index CDX HY has reached a key juncture, with reaction to the Federal Reserve's announcements causing it to trade inside European counterpart iTraxx Crossover -
Europe leads rally ahead of Fed despite mounting concerns from Asia
2 years ago
Credit markets have begun the week on a firmer tone, with Europe outperforming, despite concerns that rising covid-19 cases in China could add a further source of supply disruption -
Heavy market rout takes credit back to November 2020 levels
2 years ago
High volatility is gripping financial markets at the end of a week that has been decisively bearish for credit spreads, as concerns about the end of central bank stimulus and warnings of a Russian invasion of Ukraine next month layer on pain for investors -
Caution returns to credit trading following tech sector rout
2 years ago
After a strong Tuesday session, financial markets are taking a more cautious step back on Wednesday amid returning inflation concerns and following a weak session for Chinese tech stocks -
Financials lead rally at start of big week for central bank decisions
2 years ago
Credit markets are beginning on the front foot again on Monday, with a rallying move that builds on last week's strong run in which European spreads improve for five days straight -
Casino's hand improves as credit eases off year's wides
2 years ago
Credit markets have taken a turn for the tighter, with spreads broadly rallying, amid a retreat of oil prices and government bond yields -
US debt talks and German real estate regain composure after damaging wrangles
2 years ago
Adler Group is ending on a firmer footing what has been a rocky week for the German real estate company, as credit heads into the weekend unmoved by developments in the US on raising the country's debt ceiling -
Credit suffers double punch from treasury and energy surge
2 years ago
Credit markets are nursing their wounds after taking a battering on Wednesday, prompted by a surge in oil prices and spike in government bond yields that add to concerns about rising inflation -
Adler resumes downward slide as European real estate woes mount
2 years ago
Market sentiment is weighiing heavily on European real estate once again, with Adler bonds and CDS in particular adding to their recent deterioration -
Equity tranche longs fall out of favour as spreads tighten and dispersion picks up after uniform moves
3 years ago
Dispersion is picking up after relatively uniform moves in credit in the early part of 2021. CDS index equity tranches had outperformed for much of this year but spreads have gapped out a touch in the past few weeks -
Credit underperformance resumes as equity turns corner
3 years ago
Credit markets are pushing wider once again on Wednesday, even though stock markets look to regaining some composure following Tuesday's steep sell off -
Spread tightening picks up with single names making good ground
3 years ago
The credit market rally picked up its pace on Thursday, after several days of more incremental movement. A notable feature is that single names are picking up the shift and in numerous cases outperforming rather than lagging indices -
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 -
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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