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

Lebanon CDS auction set to include 15 cent bonds
The cheapest bonds to deliver into a credit event auction to settle Lebanese sovereign CDS could be worth only 15 cents in the dollar, according to a 27-note initial list published by the Determinations Committee

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

Lebanon triggers failure-to-pay credit event with CDS priced at 89 points up front
Lebanon has triggered a failure-to-pay credit event on CDS referencing its sovereign bonds, the Determinations Committee for Europe, Middle East and Africa has ruled

Lebanon credit event trigger posed to Determinations Committee
The Determinations Committee for Europe, Middle East and Africa has accepted a request to rule on whether Lebanon has triggered a failure-to-pay credit event, after the country withheld payments due on bonds earlier this month

BlueBay adds distressed specialist to EM credit team
The hire follows BlueBay appointing Mihai Florian in January to develop the firm’s capabilities in illiquid emerging market corporate credit 

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

Ucits at a glance: Ucits continue to chart a steady course

Ucits at a glance: ucits continue to chart a steady course

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

Steinhoff CDS fails to (physically) deliver
A credit event auction for Steinhoff Europe revealed very little interest to physically settle CDS contracts, with only one request to buy and for just €8.4 million

Steinhoff CDS buyers set for low pay-out
A credit event auction to settle CDS referencing Steinhoff Europe has returned an initial market midpoint of 83.5, implying there will be a low pay-out of less than 17 cents for protection buyers on the defaulted retailer

Nine bidders for Steinhoff CDS auction as SocGen joins
Tomorrow’s auction to settle CDS referencing Steinhoff Europe will have nine participating bidders, after Societe Generale was added to the list

Deadline day for participating bidders as Steinhoff auction looms
Firms wishing to be participating bidders in Wednesday’s auction to settle Steinhoff Europe CDS have until 5pm today London time (12pm New York) to submit applications to the Determinations Committee

Thomas Cook credit event question travels beyond index roll, as Steinhoff deliverables finalised
An auction next week to settle Steinhoff Europe CDS will have two deliverable obligations, the Determinations Committee has confirmed. But resolution of a bankruptcy credit event question on iTraxx Crossover name Thomas Cook spills over beyond today’s roll into a new series, after the DC was unable to reach a decision this week

Date set for long-delayed Steinhoff auction, with two deliverables
An auction to settle CDS referencing Steinhoff Europe will take place on Wednesday next week – six months after the Determinations Committee ruled that the retailer had triggered a failure-to-pay credit event

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

Illiquid credit boost returns for PensionDanmark
PensionDanmark has generated 5.8% returns from its illiquid credit portfolio for the year 2018, according to its latest annual report published today. But its liquid credit portfolio took a 3.4% hit

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

BlueBay aims to capitalise on volatility with diversified alternative credit fund
The new Icav QIAIF will invest in a range of sub-strategies including global credit alpha, global long/short, event driven credit and emerging market credit alpha

BlackRock seeks $1 billion for new multi-strat opportunities fund
The new trust will invest at least 80% of its assets in fixed income securities and up to 40% in special situations, SEC filings reveal 

Destra and BlueBay team up to launch credit interval fund
Destra has become the latest manager to launch an interval fund - Destra International & Event-Driven Credit Fund - which will focus on two strategies: multi-strategy international credit  and event driven credit. 

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

Manchester pension fund awards Stone Harbor £1 billion multi-credit mandate
A £21 billion UK pension fund has appointed global fixed income specialists Stone Harbor Investment Partners to manage a £1 billion multi-asset credit mandate