US lags as midterms, dollar and global slowdown weigh against broader rally
European and Asia outperformance over the US is extending at pace at the start of the week, with a strong improvement in spreads coming ahead of the New York market open

LP round up: two managers terminated as 20 win $2.5 billion
US institutional investors allocated over $2.5 billion to 20 credit managers in October, according to documents seen by Creditflux. Two credit fund managers however were terminated in the month

Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit

Asia credit rallies sharply but rest of world holds firm ahead of Fed
While most of the global financial market hangs in the balance, Asian credit has undergone a second day of relief rallying having hit the year’s peak on 31 October

Telco bucks market trend with relief rally
United Group, the Balkan-focused, Netherlands-registered telecom group, rallied sharply in credit markets on Wednesday after the company addressed how it would meet approaching debt maturities

UK adds itself to sour global cocktail with investors given another shake
US investors are returning to a sour mood across global markets on Tuesday, with escalating warfare in Ukraine, Chinese covid cases at a two-month high, the Biden administration in a standoff with China over microchips, and the UK still managing to hold focus for economic mishap

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

Credit funds at a glance (October 2022)
A round up of fundraising and people moves in credit
 

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Dispersion picks up as candidates for distress emerge
Dispersion will be a concern for all parts of the global credit market in the fourth quarter, say traders who are focused on relative value

Ukraine auction settles CDS below expected recovery
An auction to settle sovereign CDS contracts referencing Ukraine produced a final price slightly below expectations, despite net buying demand for bonds to physically settle contracts

Ukraine auction looks set to avoid Russia-style bond squeeze
An auction to settle sovereign CDS contracts referencing Ukraine looks set to produce a final price much more in line with bond trading levels than the result earlier this month for Russian Federation contracts

Powell moves set to surpass power moves as credit spreads head wider
Hedging has been a prominent feature of financial markets ahead of Wednesday’s hotly anticipated US Federal Reserve statements, but Russia’s move to escalate its war efforts in Ukraine has injected another layer of uncertainty

Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction

Bulls extend credit improvement as oil falters at key level
Having hit their widest prints of the month on Monday, credit indices are extending their run of gradual improvement into a third day – but with investors wary of placing big bets ahead of Friday’s Jackson Hole meeting

Jackson Hole fears and Chinese drought bring bearish start to week
The US Federal Reserve's Jackson Hole Economic Symposium is a key point of focus for investors from the outset this week, with many nervous about the possibility of more hawkish statements arising from that meeting

Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Ukraine triggers restructuring credit event
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled

Turkey stuffs investors with surprise rate cut
Turkey’s rollercoaster ride in debt markets is on another upswing to vertiginous spread levels, with the country having shocked participants with a counterintuitive rate cut

Spreads gap wider with UK inflation adding to cocktail of concerns
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments

Ukraine posed as credit event after country defers debt
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments