European outperformance creates index options trading mismatch: Barclays
The recent outperformance of European credit over US has shifted the value of iTraxx index options, but CDX index volatility premiums stand out for having hit a new low

Financials offer relative value opportunities after synthetic credit overshoot: BNP Paribas
A technical squeeze, driven by investor risk appetite but also short covering, has taken some parts of the synthetic credit to a point where cash bonds look to offer better relative value

China property rescue plan keeps credit on front foot
China’s policy shift on covid rules and measures to prop up its ailing property market have brought a buoyant start to the week, despite financial markets having already rallied sharply last week

Credit euphoria follows CPI, but analysts warn of comedown
Softer than expected US inflation numbers have ignited a spectacular rally in financial markets. But strategists and economists warn against the exuberance, arguing more pain is likely on the way

US lags as midterms, dollar and global slowdown weigh against broader rally
European and Asia outperformance over the US is extending at pace at the start of the week, with a strong improvement in spreads coming ahead of the New York market open

Europe-US convergence in play as week ends on strong rally
A big push tighter in credit spreads on Friday has extended the theme of European outperformance, with iTraxx Crossover briefly trading inside US high yield index counterpart CDX HY for the first time since July

"Forget the World Cup, the macro-economic catastrophe cup has more well-matched contenders"
Government bonds are rallying in some quarters, but the odds are on more stress feeding into credit  

High yield markets win big in 2022’s love-letter to CDS
Tradeable credit assets have suffered a rough year for liquidity and returns, but credit derivatives are among a small group of products defiantly enjoying a bumper year. 

Soft mood music abruptly dashed as Fed and BoE rile markets
The credit market’s strong run of improvement has come to an end this week, with the US Federal Reserve and Bank of England delivering a reality check to hopes of a more dovish path forward on interest rates

Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit

Asia credit rallies sharply but rest of world holds firm ahead of Fed
While most of the global financial market hangs in the balance, Asian credit has undergone a second day of relief rallying having hit the year’s peak on 31 October

Europe leads broad rally amid speculation on softening rates timeline
After a cautious start to the week, credit markets have rallied ahead of policy decisions by the US Federal Reserve and Bank of England, amid growing investor anticipation of a slowdown in rate hikes as well as hope of a reopening Chinese economy

Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform

Credit pivots sharply as US returns to growth and ECB confirms record hiking cycle
After a wider start, credit markets reversed course Thursday having digested a strong US GDP reading and the European Central Bank lifting its base rate by 75bp – a move that confirms this as the region’s most aggressive ever hiking cycle

UK credit spreads rally for Rishi
UK credit spreads have rallied sharply on Monday with the victory of Rishi Sunak in the contest to become the country’s third prime minister of the year

US and Europe divide honours between HY and IG as market rally extends
A second straight day of improvement is adding to this week’s gathering rally, but while US high yield is outperforming European the reverse is true in investment grade

It's time for bullish reversal on IG credit to play decompression: JP Morgan
Having been bearish most of the year JP Morgan has changed its view on investment grade credit to neutral, saying value has become too cheap to ignore

Credit Suisse and UK names lead charge as European IG outperforms
European investment grade credit is rallying strongly at the start of this week, in contrast to a sluggish start by its US counterpart market, with Credit Suisse and UK companies among the outperformers

Credit volatility leaps after US inflation bolters hawks
Credit volatility spiked on Thursday in the wake of a US inflation report that dispelled any remaining conjecture the Federal Reserve will slow its pace of interest rate hikes at the next policy meeting

Deutsche hires credit strategy head from rival bank
Deutsche Bank has hired a new head to oversee European and US credit strategy

UK adds itself to sour global cocktail with investors given another shake
US investors are returning to a sour mood across global markets on Tuesday, with escalating warfare in Ukraine, Chinese covid cases at a two-month high, the Biden administration in a standoff with China over microchips, and the UK still managing to hold focus for economic mishap

Weak opening for markets as BoE makes new intervention and Asia sell-off extends
In the absence of the US market on Monday for the country’s Columbus Day holiday, global markets have extended their bearish direction following US jobs numbers on Friday that point to further hawkishness in the outlook for rate hikes