Single name shorters get improved entry point after conviction test
Returning market optimism has taken credit spreads back to ultra-tight levels. But for bears, this posits a better entry level for short trades, and the recent blow-out may have given strong pointers where to target them

Europe leads opening rally, with Asian boost to autos, banks and commodity traders
A bullish tone in Asia around the economic recovery from the coronavirus pandemic has carried over into the rest of the credit market at the start of the week, taking European spreads tighter and pointing to a solid opening for the US after its long weekend

JC Penney bankruptcy weighs on CLO and CDX HY baskets
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday

Frontier CDS auction pays less than bonds had indicated
A credit event auction to settle Frontier Communications CDS produced a slightly better result than expected for protection sellers

Two US managers launch CLO funds geared towards dislocation
Tetragon Credit Partners and Octagon Credit Investors have become the latest managers to launch a CLO fund geared towards taking advantage of coronavirus-related distressed buying opportunities

Listed CLO fund reports 45% NAV fall in March
Marble Point Loan Financing suffered a 45% drop in net asset value total return in March, according to a portfolio update from the $158.4 million listed fund

Lebanon CDS auction pays out 86 cents to protection buyers
Holders of protection on Lebanon sovereign debt have received an 86 cent pay-out on every dollar, after today's credit event auction produced a final price of just 14 cents

Credit traders’ kickstand: weaker mood, but primary drive strengthens
The primary market for high yield bonds is open again, after a pause around the US holiday on Monday, with issues in Europe today from the likes of SIlgan and Catalent striking a bullish tone and setting the scene for an expected flurry of deals next week. But this comes as credit generally weakens, with concerns about the spread and reappraisal of coronavirus cases causing spreads to push back from their recent tights

First Eagle lands $100 million for first direct lending fund since NewStar purchase
The New York-based manager has raised $100 million for the new vehicle, following the sale of NewStar’s $2.4 billion loan portfolio to Blackstone’s credit arm GSO Capital Partners

Blackstone's credit AUM up 48% YoY as firm announces "exceptional" results
The firm's credit business enjoyed composite gross returns of 11.2% for performing credit and 7.7% for distressed strategies in 2017

Candriam launches €107 million global bond fund
European asset manager Candriam has launched a €107 million total return bond fund that invests in sovereign bonds, corporate credit and currencies across both developed and emerging markets

Waterfall looks to add derivatives to its credit managed account
A US pension fund looks set to approve a change to its account with Waterfall, which will see the manager gain the ability to use derivatives as a hedging tool

New York pension fund puts another $200 million into CMBS strategy
A large US pension fund has backed one of its existing managers with $200 million to purchase CMBS notes

"Relentless selling" of US options prompts price fall
Sellers of volatility dominated the US options space in recent sessions, traders say, with "relentless selling" of volatility leading to a sharp fall in prices.

Credit market snapshot: credit resumes widening after day off
After one day of tightening, credit pushes wider again with financials outperforming

UK bad bank may pause after surprise buy-back, says credit manager
London-based Prytania has emerged as another credit hedge fund that has profited handsomely from a large position in an unusual credit-linked note

Corporate hybrid issuance looks to repeat 2013's record figures in 2014
2014 looks set to repeat hybrid issuance bonanza as pension funds snap up higher yielding bonds