Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.

Azimut hires ex-Dyal official as it aims to buy minority equity in asset managers
Azimut will initially focus on acquiring minority stakes in alternative asset managers with under $3 billion AUM – including private credit, private equity, infrastructure and real estate firms

Corporate credit performance expected to catch up with financial borrowers as European quantitative easing begins
The return of European Central Bank quantitative easing on 30 October portends a catch up this month of corporate credit performance with other parts of the market, such as financial borrowers, say strategists.

Over 1,200 sign up to CDS protocol
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).

Credit traders' kickstand: QE and dispersion sever 'haves' from 'have nots'
The underperformance of European high yield credit has picked up this week, on rising concerns about dispersion in funding access

Traders face Monday deadline for manufactured credit event protocol
Interested parties have until Monday to sign up to a protocol aimed at stamping out narrowly tailored credit events from the CDS market, with the International Swaps & Derivatives Association having given extensions on the original deadline

Diverging views emerge over performance of ESG investing, RBC survey reveals
Investors which incorporate ESG principles are convinced it adds value, but those who do not are more uncertain, according to a survey by RBC Global Asset Management 

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

Credit traders' kickstand: curves in focus as market overcomes mid-week wobble
Credit markets have had a more positive week overall than last, and that was given a couple of extra twists today by UK/European Union and US/China talks. But this masks weakness mid-week and, following a brief steepening of curves, improvement is mainly exhibited by financial sector names

Credit traders' kickstand: trade troubles threaten volatility "sooner than you think"
Most of the credit market goes into the coming week in a more nervous mood than it began this week, with hopes for the resuming US-China trade talks tempered by the US’s opening of a new front with Europe on trade

LCH and Ice prepare to battle it out over options clearing
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.

Boeing/Airbus dogfight widens spreads as WTO ruling exposes Europe's trade weaknesses
The World Trade Organisation’s go-ahead for the US to impose $7.5 billion of tariffs on imports from the EU has sent credit spreads sharply wider. And, according to latest credit research from Bank of America Merrill Lynch, it exposes Europe’s “Achilles heel”

Roll week leaves CDS in strange places
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times. 

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

Political risk puts December in focus as CDS investors play index volatility
Selling implied volatility has been prominent among CDS investors since last month’s iTraxx and CDX index rolls, says BNP Paribas in a research piece, with December a popular point of focus for trades

BlueBay launches global leveraged finance fund
BlueBay Asset Management has launched a global leveraged finance fund that is able to allocate towards high yield bonds, leveraged loans, structured credit and investment grade assets

China ambitions checked in final roll lists for iTraxx and CDX indices
The index roll lists for iTraxx Europe, iTraxx ex-Japan and CDX EM, have all undergone a rethink since IHS Markit published provisional lists earlier this week, with final lists showing name changes

Draghi sends European credit to 2019 tights, as Trump demands Fed response
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus

US spreads reconverge on Europe as traders hold breath for ECB
Credit markets are finely poised ahead of today’s meeting of the European Central Bank in Frankfurt today, with some positivity around US-China tariff talks allowing US spreads to gain ground as European expectation remains tempered by German recession fears

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

CDS data snapshot: central bank positioning and index rolls drive flows
Welcome to the inaugural run of what will become a weekly insight into credit derivatives trading. Each week, Creditflux will highlight trends and dynamics from most recently available market data. We welcome feedback on measures of the market readers would like to see here in future

Credit traders' kickstand: Financials lead compression as pre-ECB and index roll bulldozers flatten spreads
Caution does not appear to be an operative word in financial markets ahead of next week’s key European Central Bank meeting, with financial names leading the way as credit spreads return to this year’s tightest levels and stocks ascend towards post-crisis peaks

Man uses inflation as key input for asset allocations
Man Group has developed a ‘fire and ice’ framework which it is using to shape allocations across multi-asset funds. The system is based on the idea that inflation is the single-most important factor driving portfolio returns over the long-term. 

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Credit traders' kickstand: Europe ascendant as high yield pipeline returns
The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months