Crossover dips below 300bp as retailers leave the basket
The removal of defaulting constituents Hema  and Matalan from iTraxx Crossover has helped take the index to its tightest prints since the start of the coronavirus sell-off

Noble and Hema produce disparate pay outs for CDS
This week has brought the high and lows of CDS settlement, with Noble Corporation bestowing an ultra low high pay-out for protection buyers after Hema protection sellers suffered less of a hit than was modelled by assumed recoveries

Opportunities knock as Credit Dimensions returns in vibrant tranche market
Creditflux will showcase the cutting edge of CDS market developments next week as Credit Dimensions, our annual deep-dive into structured synthetic credit, returns in a virtual format

Cautious open sets credit at odds with equity
A positive open to the week for European stock markets is not reflected in cautious credit trading, with spreads generally flat to slightly wider

Credit spreads see-saw as US tech slump puts market in reverse
A sharp about-face in sentiment, driven in part by US tech sector weakness, has put credit markets back to more or less where they began the week - having hit new post-covid tights in between

Credit event auctions mount as European resistance breaks
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Ensco CDS leap wider on credit event trigger
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event

HY rallies as curve steepening picks up
Credit spreads may have normalised since the March/April peaks of the coronavirus sell-off, but relative value investors are still finding a wide array of trading dislocations beneath the headline numbers

Credit hedge funds (September 2020)
Monthly credit hedge fund tables

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

Credit funds at a glance (September 2020)
A round-up of fundraising and people moves

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

CLO funds top rankings, but still have ground to make up
CLOs may have taken a hammering in March but, for the fourth consecutive month, funds that invest in these assets dominate our ranking of the top performing credit funds

They said it: "We’re going to change the world of finance"
Big ambitions in blockchain

Hema and Matalan auctions set as DC ponders Ensco credit event
Dates have been set for credit event auctions to settle two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years

Push tighter takes credit indices back to pre-March levels
Credit markets are hitting new tights this week, with European spreads today following the example set by the US on Monday

Valaris and Ensco posed to DC as bankruptcy credit events
Valaris and its subsidiary Ensco International Incorporated have been proposed to the Americas Determinations Committee as bankruptcy credit events after the group filed for chapter 11 protection in August

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies

Europcar hits bumps on the road less travelled
A rough road for Europcar this week has taken its bond and CDS spreads back towards the outer reaches, setting the French car rental firm apart from a general improvement in fortunes for names at the wider end of the market

Credit Suisse shakes up leveraged finance with origination and restructuring co-heads
Credit Suisse has made a number of senior promotions in its leveraged finance team, appointing two new global co-heads of leveraged finance origination and restructuring

Credit hits new tights as US covid treatment fuels hope
Credit markets are starting the week on a strong tone much as they traded on Friday, as optimism for a US approved coronavirus treatment and the Federal Reserve's Jackson Hole virtual meeting on Thursday outweighed concern about rising European covid-19 cases

High yield inflows return as appetite moves to long end
A heavy slant in preference for investment grade credit has been underscored by high grade funds recording their 20th week of inflows in a row, but high yield funds are also back to positive flow for the first time in three weeks on returning European appetite

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Changes in scope for CDS indices and tranches ahead of roll
Structural changes look to be afoot globally for CDS indices and tranches ahead of the September roll, with IHS Markit weighing amendments to products in all three traded regions