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 fundraising: Goldman Sachs direct lending fund takes March figures to $23 bn
Credit funds sprung forward in March as $23 billion was raised alongside $2.6 billion worth of allocations to credit managers. 

"IG investors might want to rethink the instrument, but they need not fear rising rates just yet"
In his latest column for Creditflux, Cheyne's Duncan Sankey writes that the sharp rise in 10-year US treasuries could be positive for investment grade investors, but value is in CDS rather than bonds 

Hermes seeks ESG alpha in companies making changes
Buy-side demand to tick boxes for ESG standards has fuelled a boom in green and social impact bonds that is extending into high yield issuance. But as investment opportunities mount, so does soul-searching about the next phase

Technicals support IG while investors hunt for rising stars
Investment grade credit spreads have been stubbornly tight for the past six-months, but investors see positive technical factors that make lower-rated bonds appealing

Dutch telco CDS leaps on private equity rumours
An iTraxx Europe constituent has surged wider in five-year CDS amid reports of a buy-out approach

Fund performance: assortment of funds step up
Seven categories are represented in this month’s top 10, making it the most diverse since February 2020

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

Ucits at a glance: Advent and Algebris lead the pack again
Ucits funds saw the brighter side of February, as 80% of funds achieved a positive return

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

Sandalwood funds of credit funds outperform in February
Credit funds of funds came out on top in February, a month characterised by the sell off in US treasuries

Options investors look to medium-term market normalisation
Credit index options trading has been heating up, with investors looking to take views on future market volatility well beyond the customary three-month horizon as Europe and the US grapple to keep a lid on rates.

LP round-up: $2.6 billion flows into 26 credit managers
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers

Single names make big gains as indices dither
Single name CDS in the US and Europe have strongly outperformed from the start of the week, rallying sharply and across most of the credit universe despite direcctionless trading for indices

DE Shaw amasses $1 billion for stressed and distressed assets
The fund will invest in stressed and distressed assets, financings, and special situations opportunities

Los Angeles pension seeks global credit manager for $880 million mandate
Flush with cash? The Los Angeles Water & Power Employees' Retirement Plan has launched a request for proposal for its ‘active extended global credit’ mandate. But only managers with $50 billion under management need apply

No sign of caution as single names pick up rally into long weekend
Credit has extended its impressive rally into the long weekend, with single names playing catch up with indices amid economic recovery signals and on the back of US president Joe Biden unveiling a $2 trillion infrastructure plan

CIFC multi-asset strategy launch underlines diversification beyond CLOs
CIFC Asset Management has launched a multi-strategy credit strategy, underlining its development from a CLO issuance business to a broader credit asset manager

High yield leads way as credit steals march on Biden boost
Credit indices have taken another turn for the tighter, even as stocks stay flat ahead of US president Joe Biden unveiling his infrastructure and economic recovery package

Fund lenders heighten scrutiny after alleged subscription credit facility fraud
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes

Corp hybrid popularity mounts, but strategist outlooks diverge
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance

Banks take big hit as investment firm's fire sale rages
Banks exposed to embattled investment firm Archegos Capital are blowing out wider in credit markets today as their stock prices slump

Spreads rally sharply ahead of US high yield index roll
Credit markets are rallying into the weekend, pushing US high yield index CDX HY inside a key trading level ahead of its roll to a new series on Monday

TRS goes electronic on Tradeweb with iBoxx trade
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager