Potential failure to pay has occurred on Russian CDS, says Determinations Committee
The Russian Federation is moving closer to triggering a credit event on foreign debt, with the Credit Derivatives Determinations Committee having ruled a potential failure to pay has occurred

RusRail no-auction vote means CDS holders must track down bonds
Russian Railways CDS contracts will not be settled via auction despite the borrower having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

DC accepts request to rule on Russian repudiation / moratorium
The Russian Federation is subject to credit event scrutiny over warnings it could repay foreign bond investors in rubles, with the Credit Derivatives Determinations Committee agreeing to rule on a 'potential repudiation / moratorium' question

Russia debt hits default levels amid FX and asset lock-up
Russia appears to be on the brink of default on its debt, with bonds and CDS pricing in the likelihood of an imminent trigger

Ukraine crisis takes EU and Russian markets into new territory
Credit spreads went back to the wides again on Monday, after the European Union intensified its pressure on the Russian economy and reached an unprecedented agreement to supply Ukraine with weapons

French co rattles investors on micro level as Russia overclouds macro
After a cautious opening, investors in the European credit market have resumed hedging as western leaders continue to talk up the prospect of Russia invading Ukraine and the Kremlin has dismissed hopes of a Biden-Putin summit as premature

Heavy market rout takes credit back to November 2020 levels
High volatility is gripping financial markets at the end of a week that has been decisively bearish for credit spreads, as concerns about the end of central bank stimulus and warnings of a Russian invasion of Ukraine next month layer on pain for investors

Credit Rendezvous: the upside of inflation
It is clear, inflation is not transitory and central banks are acting with several interest rate hikes likely in store for the US this year. That makes loans and CLO debt tranches attractive, but there could be opportunities beyond these floating rate assets

Ukraine and Russia volatility steps up amid political trial and conflict fears
Ukrainian and Russian spreads are among the market's biggest movers at the start of the week, as developing tensions between the two countries ramp up another notch and former Ukrainian president Petro Poroshenko has arrived in Kyiv to face treason charges

Determinations Committee agrees to rule on first credit event question in 10 months
Credit event triggers are back on the market's list of discussion points for the first time since February, with the Determinations Committee having agreed to rule on an Asian failure to pay question

Traders hunt for Monday bargains in Black Friday debris
The turmoil of Black Friday has given way to a counter-wise move on Monday, with financial markets latching onto scraps of hope over the weekend following the panic of a newly discovered covid-19 variant

Credit Rendezvous: Credit spins full circle
The third quarter was massive in terms of volumes with CLOs, high yield, leverage loans and private equity registering record issuance. But credit spreads were up and down as inflation fears, crackdowns in China and rising coronavirus cases became catalysts for risk-off sentiment in July and September

Investors shrug at new Evergrande bond deadline a week on from roll havoc
Chinese real estate giant Evergrande looks unlikely to meet a $45 million bond payment due on Wednesday despite reports it plans to sell a $1.5 billion commercial bank stake. But credit markets are showing very little reaction despite initial default concerns having up-ended CDS index rolls only last week

Credit hedge funds (August 2021)
Credit hedge fund returns

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

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

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

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

Fund performance: Structured finance finds its footing with credit rally
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings

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

Credit Rendezvous: sometimes you have to dive deep to find value
Some parts of the credit market are fraught with danger, but that does not mean portfolio managers are avoiding them entirely, according to the Credit Rendezvous, Creditflux's 10-page quarterly report eaturing comments from 15 credit experts

Fund performance: A third of funds reach positive territory in 2020
August has been another successful month for the CLO category as seven of the top 10 funds invest primarily in CLOs