Italian rout gathers pace as credit relationships warp well beyond historical norms
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment

Standard Chartered prints landmark SRT in Asia
Standard Chartered has issued a ground-breaking SRT by partnering with investors PGGM and Alecta. The transaction "enables Standard Chartered to be the first bank to benefit from capital relief in Hong Kong" 

Algebris adds second PM in two months to credit opportunities team
Algebris Investments has hired a co-portfolio manager for its Global Credit Opportunities strategies

Go long duration in consumers and industrials: BofA
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists

Credit hedge funds (July 2022)
Credit hedge fund returns

Credit tacks sharply as hiking talk brings choppy start to week
European financial markets opened the week on a cautious footing, after a weak Asian session, with credit indices oscillating between wider and tighter prints over the course of Monday morning

Shimao credit event auction not needed, rules DC
Holders of CDS protection on Shimao Group Holdings will have to physically settle contracts

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Chinese property industry suffers fourth credit event of year
Shimao Group Holdings has triggered a failure-to-pay credit event, making it the fourth Chinese property firm this year to do so

Fourth Chinese real estate firm posed as credit event
Shimao Group Holdings is the subject of a failure-to-pay credit event question, making it the fourth Chinese property firm this year to be referred to the Credit Derivatives Determinations Committee

Fed hike speculation holds sway over Europe and Asia despite US holiday
Credit markets have opened the week marginally tighter, with Europe and Asia cautious on Monday in the absence of a US trading session, and US Federal Reserve statements likely to drive sentiment in the rest of the week

Internet company triggers restructuring credit event at third time of asking
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event

Market jitters mount as US delivers May CPI
Credit spreads have moved sharply wider for the fourth day straight as investors digested the European Central Bank’s hawkish turn and watched with trepidation for the US to reveal its May consumer price index numbers

Russian credit event auction plans put on hold after US sanctions update
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction

DC explains Russian credit event ruling - but not sole member opposition
Factors backing Russian Federation’s credit event trigger have been outlined by the Credit Derivatives Determinations Committee, but without giving any explanation for Citi’s decision to vote against the decision

Russia triggers failure-to-pay credit event
The Russian Federation has triggered a failure-to-pay credit event on sovereign bonds, the Credit Derivatives Determinations Committee has ruled – marking an historic moment that caps off a long run of deliberations on the country’s international debt since it invaded Ukraine on 24 February

Credit hedge funds (June 2022)
Credit hedge fund returns

   

Russia oil ban accord unites markets in sell off
EU leaders’ compromise agreement on banning Russian oil imports by sea has presented a united front few may have thought possible only days ago. But financial markets have not reacted positively, with risk assets selling off as the euro slumps and oil hits its highest level since March

Fund outflows extend despite sharp improvement in credit performance
This has been a much better week for credit and equity market performance than last, but that has not stopped the tide of investors looking to withdraw their money from funds for such risk assets

Russia default claims resurface to shorten timeline to possible credit event
Russia is back in the spotlight amid renewed sovereign debt default claims, with the Credit Derivatives Determinations Committee asked once again to rule whether the country has triggered a failure-to-pay credit event

DC rejects Yandex credit event question
Yandex will not be weighed as a credit event, with the Credit Derivative Determinations Committee having rejected the query it received on the matter

Yandex posed to DC as restructuring credit event
Yandex, the multinational internet and search engine company that serves Russian language users, has been posed to the Credit Derviative Determinations Committee as a restructuring credit event

Sunac CDS must be physically settled, says DC
No credit event auction is required to settle CDS contracts referencing Sunac China Holdings, the Asia Ex-Japan Credit Derivatives Determinations Committee has ruled

Europe feels Arctic chill while currency and tech woes add to fear
European markets have again taken a bearish turn on Thursday, with Finnish Nato aspirations, the strengthening US dollar, persistent inflation and slumping tech stocks adding to investors’ deepening dismay