Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

CLO funds post first negative month since outbreak of covid
Funds that invest in CLOs took a hammering in February, underperforming all parts of the credit market in the immediate aftermath of Russia’s invasion of Ukraine

Credit indices show central bank-led swing potential
Macro credit trading in March was overwhelmingly about the consequences of Russia’s invasion of Ukraine, but the pendulum is swinging back to central bank policy

LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds

DC meets to consider next steps on Russia and RusRail CDS
The Emea Determinations Committee is meeting today, having accepted a request to rule on whether a potential failure to pay has occurred on Russian Federation CDS contracts

Boston has more than a feeling for private credit as pension issues RFP
Boston Retirement System is seeking private credit managers to manage around $60 million

Skew in focus for second day as single names move sharply against index
Credit indices are trading out of sync with their underlying constituents for a second day this week, with single names broadly widening despite investors seeking to maintain flattish macro positioning

Russian sovereign posed to DC as 'potential failure to pay'
The Russian Federation has again been referred to the Credit Derivatives Determinations Committee for the second time in a month, this time with the questioner asking if a potential failure to pay has occurred

High yield and IG single names diverge even as buyside seeks macro neutrality
High yield and investment grade single names are moving in opposite directions at the start of the week, while indices reflect a push by investors to cut directional exposure to macro credit

Sovereign in scope as Russian Railways triggers first Ukraine-linked credit event
Russian Railways had triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled, making this the first sanctions-related credit event since Russia's invasion of Ukraine in February

Investors weigh up Fed calendar and valuations after bruising week
Financial markets are taking stock on Friday after a big sell-off in risk assets, with credit spreads nursing the wounds caused by this week's returning focus on hawkish central bank policy versus rich-looking valuations

Russia returns to default pricing as railway co awaits credit event vote
Russian credit spreads are once again under intense pressure and sanctions-related credit events are back under the spotlight as the country's state-owned railway company faces the scrutiny of the Emea Credit Derivatives Determinations Committee

Carlyle hits $4.6 billion hard cap on second global credit opps fund
With leverage, Carlyle Credit Opportunities Fund II has around $6 billion of capital to deploy

US oil drive boosts credit, but property firm goes against the flow
US moves to increase oil supply have prompted financial markets to resume rallying, after Russia dampened optimism on peace in Ukraine. But one European company is moving sharply in the other direction

High yield gap yawns open after US index roll
A market rally ahead of Russia/Ukraine peace talks has added to the gap between European and US high yield credit derivative index spreads, a day after CDX HY rolled into a new on-the-run series

LCH extends credit index option product to buy side
BNP Paribas and JP Morgan are the first banks to offer client clearing of credit index options through LCH CDSClear

Russia extends rally as DC rules against repudiation / moratorium
Russian Federation CDS contracts rallied strongly for a second day on Thursday, after the Credit Derivatives Determinations Committee ruled a repudiation / moratorium had not occurred on the country's sovereign debt

Credit rally extends as investors welcome hawkish but clearer Fed message
Credit markets have carried their rally over to another day, fuelled in part by what investors have interpreted as a hawkish but clear message from the US Federal Reserve on policy tightening

HY index to only receive one fallen angel, as five rising stars leave for IG
The addition of rising stars from the high yield market will be a prominent feature of next week's CDX IG index roll. But changes listed for CDX HY suggest the reverse will not be true when it rolls a week later

China pledges and Russia/Ukraine peace hopes drive relief rally
Credit markets have surged tighter on Wednesday, with China's pledge to support covid-hit markets and hopes rising for Russia-Ukraine peace discussions ahead of US Federal Reserve policy moves that are widely thought to have been priced in

China's covid response fuels regional dislocation and slowdown fear
Asian credit divergence has extended into a second day, with China's move to address rising covid numbers driving regional spreads as investors elsewhere await a closely watched Federal Reserve meeting

Europe leads rally ahead of Fed despite mounting concerns from Asia
Credit markets have begun the week on a firmer tone, with Europe outperforming, despite concerns that rising covid-19 cases in China could add a further source of supply disruption

Rising stars and Russia drive credit index roll changes
Rising stars will feature prominently in this month's roll into new iTraxx and CDX index series, but the market's riskiest names will remain in high yield baskets while at least one company falls foul of its links to Russia

CLO investor Lakemore names European business development head
US CLO equity investor Lakemore Partners has hired a managing director and head of business development Europe

Crestline collects $3.6 billion across three private credit fund closes
The Fort Worth, Texas-based manager has closed its fourth opportunistic credit fund, third direct lending fund and second portfolio financing fund