Credit returns to year-opening levels as bulls score five out five
Credit markets are on course for their fifth straight day of improvement, with CDS index spreads not only undoing last week's volatile move wider but regaining the tight levels at which they began the year

It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018

Credit trends wider as it makes bad first compression in 2021
With credit spreads starting the year close to the absolute tights they reached in early 2020, investor emphasis is heavily on relative value. But so far the most signposted of these trading strategies are failing to perform, while market-neutral opportunities have greatly diminished

High yield credits play catch up as central banks put brakes on bull run
High yield single names gained attention on Thursday, as financial markets took a breather after three days of improvement to digest UK and China central bank policy signals

Biden buzz highlight's credit's growing pains
Stimulus and a “reflationary window” are the dominant themes of early 2021, particularly in the US, and they will favour growth assets over credit in the near term, say investors.

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

Fund performance: CLO funds keep up momentum as Napier Park finishes top
2020 ended with funds in our CLOs category taking the top few spots

Ucits at a glance: Advent ends calendar year on top
Ucits ended 2020 on the rise as 89% of funds achieved positive returns in December

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

Italian credits lead race tighter as Super Mario eyes new mission
Italian sovereign, bank and corporate spreads are in the spotlight today, after the country's president Sergio Mattarella asked former European Central Bank president Mario Draghi to lead a government in the wake of Giuseppe Conte's coalition collapse

It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally

Silver squeeze reaches credit in brighter trading mood
Financial markets are beginning the week and the month in a more positive mood after a volatile end to January. But retail investor power - the bane of hedge funds last week - is again exerting an influence that permeates through to credit

Credit grasps for stability after midweek swoon
Credit markets look to have regained some composure at the end of a rocky week, with indices flattening out despite a continuing decline in stocks

US looks for stronger open after sell off
US credit is opening slightly stronger on Thursday, after its sharp Wednesday rout, prompted by Federal Reserve messaging, carried over forcefully into Asian and European markets

Credit touches November levels as nerves fray on France and Fed
Fears of a third national lockdown in France and the risk of disappointment from Wednesday's US Federal Reserve meeting have pushed credit wider along with a sell off in stocks

Credit lags in market recovery after borders panic
Financial markets are recovering after Tuesday's sell-off, but credit is lagging stocks despite having taken more of a hit in the initial rout

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 beats fast retreat as Biden boost dissolves in sea of troubles
The improvement of financial markets following the inauguration of Joe Biden as US president on Wednesday is looking short-lived as the week comes to an end, with CDS indices once again among the poorer performers

Financials lead tightening as calm markets greet Biden inauguration
If there is any volatility around the transition on Wednesday to Joe Biden's US presidency, it looks unlikely to come from financial markets, with CDS indices among the better performing assets in an unruffled day

Italian spreads signal Conte confidence ahead of Senate vote
Italian banks are among the best performers in credit on Tuesday as hopes rise for a vote of confidence in prime minister Giuseppe Conte's government and the CDS market returns to tighter spreads

Alcentra co-CIO for liquid credit set to leave this month
A high profile figure in the US CLO business is leaving Alcentra

Europcar sets course for high recovery in 2021's first credit event auction
An auction to settle CDS referencing Europcar Mobility Group has generated an initial market midpoint of 73.5 cents, implying the pay-out to protection buyers could be only 26.5 cents - much lower than five-year CDS contracts had implied

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

Jaguar accelerates tighter as CDS indices go their own way
UK carmaker Jaguar is on a rallying run and gathering pace in CDS, despite CDS indices underperforming the more bullish tone in other assets, including bonds

LCH reports 60% growth in CDS clearing
LCH, the central clearing house of London Stock Exchange Group, has reported growth in clearing of index, option and single name CDS during 2020