China teaches tough lessons to foreign investors
China’s regulatory crackdown on some of its fastest-growing industries created shockwaves that have reverberated widely, dragging on US and European credit at the end of July.

Credit hedge funds (August 2021)
Credit hedge fund returns

US plays catch up with Europe as spreads reconverge
There has been a slight softening of European credit on Tuesday, even as stocks hold onto their record highs and US credit spreads take their chance to close the gap after recent underperformance

Publishing boost for French firm but China sours wider market
Lagardere is a notable positive outlier in another off day for the credit market, after China turmoil rocked stocks and sent spreads wider

China crackdown and Fed meeting rattle nerves
Credit spreads widened as financial markets began the week on a less certain footing amid panic stock selling in China and a retreat to treasuries ahead of the US Federal Reserve two-day monetary policy meeting

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

The View from ION Analytics: paradise blues
The reopening of economies from Covid-19 lockdowns has created distortions in financial markets that are harder to navigate than those of the original sell-off in early 2020. Even big-name economists and central bankers are confused, changing their views in recent weeks. 

Jefferies and SMBC form $2.25 billion partnership
Jefferies and SMBC Group have announced an alliance which will see SMBC provide a $1.9 billion credit facility to Jefferies Finance, the leveraged finance affiliate of Jefferies, and $350 million to Jefferies Group.

Credit hedge funds (July 2021)
Credit hedge fund returns

HSBC AM names CEO of new $53bn alternatives business
HSBC Asset Management has become the latest manager to bring together its ‘alternatives’ capabilities under one roof, with the launch of a new unit, HSBC Alternatives

Credit hedge funds (June 2021)
Credit hedge fund returns

Credit bull run picks up amid commodities surge
European credit spreads have made a sharp turn for the tighter, building on last week's strong run, even after Asian spreads weakened on rising commodity costs

Sell-off regathers momentum as inflation signals mount
A glum mood has returned to financial markets, beginning with the US session on Tuesday and overspilling into global trading on Wednesday

Credit underperformance resumes as equity turns corner
Credit markets are pushing wider once again on Wednesday, even though stock markets look to regaining some composure following Tuesday's steep sell off

CLO fund comes top by distance in middling month for credit
A CIS Asset Management fund, which invests mainly in US CLO equity, was the star performer in March after gaining 7.36% in the month

Credit hedge funds (May 2021)
Credit hedge fund returns

Tobacco splutters in broad market sell off
Credit and equity are under pressure on Tuesday as markets pull back from their improved levels amid concerns about the worsening global covid-19 picture. But tobacco companies have their own problems to contend with, with the US considering a proposal to require lower nicotine levels in cigarettes and other countries also looking to curb sales

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

Credit hedge funds (April 2021)
Monthly credit hedge fund tables

Roll pushes indices wider but fair value trumps technical positioning
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes

ESG basket grows and rising stars take focus in CDS index roll changes
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves

Credit hedge funds (March 2021)
Monthly credit hedge fund tables

Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

Europe resumes rally in US absence with Italian spreads hitting new records
Caution about a possible Draghi bubble looks to be a rare commodity, as Italy sovereign and bank spreads are once again among the biggest improvers in a buoyant start to the week