Index tranche volumes go into overdrive as CSOs stall
CDS index tranche trading has gathered pace during the coronavirus pandemic, putting the asset class on course for a post-2008 crisis record.

Managers prepare for new habits in post-lockdown world
A new world beckons as lockdown measures gradually loosen; one in which consumer behaviour has changed and credit investing will have to adjust. But it won’t be as easy as compartmentalising investments into ‘covid sectors’ and ‘non-covid sectors’.

Wide-end credits sharply diverge in firming market
In an overall flattish market, Selecta Group and Novafives are today's standout big movers in European high yield credit, but are on very different trajectories

Wirecard triggers first European CDS credit event of 2020
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction

DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event

US and Europe diverge as loan trading bands emerge on the continent
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy"

Wirecard bankruptcy credit event question put to DC
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

Lufthansa spreads guided down after heavy turbulence
A volatile week for Deutsche Lufthansa is ending with spreads tighter, after shareholders came around to backing a German government bailout

Algebris leads monthly returns in new world matrix
Algebris Macro Credit's return submission for May was among the best non-CLO/ABS fund performers out of those Creditflux tracks, adding to a strong turnaround for the strategy

VW gives EuropCar a lift
EuropCar is one of the biggest movers in the credit markets today, on reports that German carmaker Volkswagen is in talks to buy the French car rental firm

Lufthansa climbs as shareholder airs bailout grievances
Deutsche Lufthansa is among today's biggest underperformers in credit and stock markets, as a battle brews with its largest shareholder over the terms of a €9 billion government bailout for the airline

DC rejects Valaris credit event request
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

Bond and CDS surge caps remarkable chicken run for Boparan
Boparan, the UK-based restaurant group and chicken supplier, has surged tighter in bonds and CDS today, capping a remarkable turnaround in recent months for a company that had long been one of the riskiest in the European high yield universe before the coronavirus outbreak

US jitters set in ahead of monthly options expiry
A gap has opened up again in the performance of European credit versus US ahead of this month's CDS options expiries, after a shakier trading session in New York yesterday

SocGen promotes cross-asset solutions specialist
Societe Generale has named a global head of economics, cross-asset and quant research

Big reverse rally as hopes rise for US stimulus
Credit markets are rallying sharply today, along with rising stocks, on expectations the US is about to deliver another stimulus package to help address the damage caused to its economy by covid-19

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

Relief rally follows relative value trading on US/Europe credit and tranches
Credit markets look set to end the week on a cautious retracement tighter, after several sessions of heavy reminders the coronavirus crisis is far from over and that sector/geographical selection remains important

Sculptor CEO Shafir to step down with CIO taking dual role
Sculptor Capital Management has announced that its chief investment officer will take also take on the role of chief executive officer, effective 1 April 2021

Covid-19 second wave fears drive divergence as spread widening accelerates
This week's credit market sell-off has picked up pace, along with a fall in stocks, after the US Federal Reserve painted a pessimistic picture for economic recovery and concerns mount about a second wave of the coronavirus pandemic

Neuberger launches 'flexible' global credit Ucits fund with $200 million
Neuberger Berman has launched a flexible global credit Ucits fund to expand its $150 billion fixed income platform

Market sell-off takes Europe on convergence path with US
Convergence between European and US credit has gathered pace, with the differential between both investment grade and high yield CDS indices reaching new recent tights

Oaktree mixes defensive with opportunistic in new fund for recent hire
Oaktree Capital Management has launched a standalone absolute return fixed income fund for recent hire Brad Boyd, according to market sources

Pandemic underlines importance of the S in ESG as compliant companies outperform
For years, assessing environmental risks has been at the forefront of ESG (environmental, social, governance) investing, but there’s been a greater appreciation of the ‘S’ in ESG since the market sell-off in March