Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

Two managers beat 70 for £900 million emerging market bond mandate
LGPS Central has selected two external managers for its £900 million Global Active Emerging Market Bond Fund

Frontier CDS auction to follow Lebanon and Whiting Petroleum
An auction to settle CDS referencing Frontier Communications will take place next month

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Connecticut pension seeks emerging fixed income managers
Connecticut Retirement Plans and Trust Funds is looking for investment management services for global fixed income and/or global equity, according to a recently launched request for proposal

CDX HY and EM trade with fresh legs after defaulted names drop out
New series of US high yield index CDX HY and emerging market index CDX EM begin their first full day of trading today, having replaced outgoing versions on Friday amid a weakening of credit markets due to the spreading impact of the coronavirus outbreak

Credit market hits new wides as government outbreak measures intensify
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

Rhode Island pension moves into EM debt
Investment consultant NEPC has recommended Wellington Management for emerging debt strategies to Employees' Retirement System of Rhode Island (SIC), following the pension fund’s recent decision to approve a 2% allocation to the asset class  

US pension picks Aberdeen Standard for EM debt mandate
Quincy Retirement Board has appointed Aberdeen Standard Investments for a $6 million emerging market debt mandate

US pensions seek EM debt managers
Two Massachusetts based pension schemes have launched request for proposals (RFP) seeking to allocate approximately $29 million to emerging market debt managers.  

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

California pension looks to cut liquid credit allocations
Fresno County Employees’ Retirement Association will likely cut back on liquid credit and completely remove hedge fund allocations in 2020.. But the pension is optimistic about core bonds – and may include it as a new asset class

Los Angeles pension shakes up EM and high yield debt portfolios
Los Angeles City Employees’ Retirement System has shortlisted four managers for its emerging market debt mandate, while looking for one-year contract extension with its US high yield income manager, according to documents seen by Creditflux  

European financials outperform corporates as coronavirus spreads
Financial CDS is outperforming corporate credit today, and Europe outperforming the US, as the market jumps wider on rising alarm at the spread of China’s novel coronavirus

Pimco launches listed multi-sector global credit fund
Known as Pimco Tactical Income Fund, the fund will invest in a range of global credit strategies and will list on the New York Stock Exchange

US pension looks to extend contract with EM debt manager
Los Angeles City Employees’ Retirement System is looking to finalise a one-year contract extension with a manager that has been handling EM debt investments since March 2014  

Rude awakening for credit as US airstrike sends global shockwaves
It only took a day for the positive mood greeting financial markets in 2020 to turn nervous, with credit and equities faltering in early trading today after the US killed a top Iranian military official

US pension drops BlueBay from credit programme
Virginia Retirement System (VRS) has terminated BlueBay Asset Management from its credit strategies programme, according to a document seen by Creditflux  

Aegon appoints head of emerging markets debt
Aegon Asset Management has named Jeff Grills as head of emerging markets debt, according to an announcement by the firm

William Blair poaches emerging market debt debt team from NNIP
William Blair Investment Management has poached an emerging markets debt team from NN Investment Partners to launch a new EM debt unit

Ucits at a glance
A round-up of ucits fund performance

Massachusetts pension seeks emerging market debt manager
Quincy Retirement System, a US pension fund, has launched a request for proposals seeking an emerging market debt manager to run a $6 million portfolio