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

Sharp moves for single name bonds and CDS, as indices open with caution
Credit has begun the week looking for direction with European CDS indices slightly wider, US counterparts edging tighter, and high yield bonds making sharper moves in either direction

Europe's grind puts IG decompression trades in scope
The gap between US and European investment grade CDS indices has doubled this week from the tight end of its recent range, positing a possible entry point for compression trades

Fund performance: Credit funds post double-digit gains
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category.

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

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

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

Rampant technicals push cash and CDS in different directions
Central bank interventions, primary market issuance and high yield defaults have conspired to create major distortions in credit performance, which sources say are ripe for opportunistic trading.

Banks and high yield corps lead charge as results prompt European rally
High yield corporate credit is today's outperforming part of the market as European credit rallies back from its recent wides, as the latest round of earnings proves stronger than many had expected

High yield traders take stock amid Crossover/HY compression
A convergence trade is underway this week in the high yield credit market, with US index CDX HY reaching its nearest level versus European counterpart iTraxx Crossover since the start of June

First movers in focus for CDS as market grinds to new tights
First is the operative word in corporate credit movers this week, with UK transport firm Firstgroup leading European CDS improvers while FirstEnergy Corp heads the worst performers in the US

Shot in the arm for US credit as vaccine results prompt outperformance
US credit markets have gained a chance to catch up with European improvement this week, after positive results from a coronavirus vaccine test prompted US outperformance, particularly in high yield

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

US/Europe gap widens as states roll back reopening plans
Decoupling of US and European performance is the stand-out feature of credit this week, in which fears of a pandemic second wave and further US/China wrangles hold market improvement in check

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

Europe leads opening rally, with Asian boost to autos, banks and commodity traders
A bullish tone in Asia around the economic recovery from the coronavirus pandemic has carried over into the rest of the credit market at the start of the week, taking European spreads tighter and pointing to a solid opening for the US after its long weekend

Europe outshines US despite caution on inflows and second wave
A week characterised by lower volatility and awash with returning European high yield issuance is ending on a cautious tone, with the US market on holiday and 'second wave' covid concerns bringing a pause to the credit rally

Curves and skews come back into play as CDS volumes swell
The rapid growth of the CDS market during the coronavirus pandemic has been consolidated in the second quarter, with investors putting on trades not seen in such volume since the 2008 financial crisis.

Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

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

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

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.

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

US swaps rule relaxation brings underperformance of bank CDS
US Federal Reserve changes to the Volcker rule has caused bank stocks to surge, but credit market perceptions are less positive

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