PGGM partners with Polish bank for landmark SRT
PGGM has closed what it claims to be the largest securitisation in central and eastern Europe through a PLN 9 billion ($2.08 billion) SRT

High stakes promise big year for new short-dated CSOs
The bespoke tranche market looks set to put in revitalised issuance numbers in 2022 as interest grows in structured assets. But a clear trend is emerging for investors to assume short-dated exposure amid increasing macro and geopolitical uncertainty

Credit hedge funds (March 2022)
Credit hedge fund returns

"Pivot points in curves may not stay where they have been historically"
CTAs and CSOs are changing the way credit curves move  

"Rules require 5% risk retention, but for first loss CRS that is not enough"
PGGM's Mascha Canio takes our credit quiz 

Relief rally for riskiest credits brings reversal on dispersion and first loss trades
Some of the European high yield credit market's riskiest corporate credits are enjoying a strong relief rally, among signals of reprieve from the woes that have beset them in recent weeks

Credit hedge funds (February 2022)
Credit hedge fund returns

Performance dispersion hits index equity correlation
Volatility at the start of the year has intensified moves in iTraxx and CDX index tranches, with traders pointing to growing dispersion in performance among constituents as a theme that will bring more focus on equity correlation in 2022

Credit Rendezvous: the upside of inflation
It is clear, inflation is not transitory and central banks are acting with several interest rate hikes likely in store for the US this year. That makes loans and CLO debt tranches attractive, but there could be opportunities beyond these floating rate assets

Gapstow expects strategic deals as credit manager M&A volume slumps to $120 billion
M&A volume involving credit asset managers dropped last year with total target value assets under management slumping to $120 billion from $149 billion in 2020 (and $254 billion in 2019), according to Gapstow Capital Partners

Credit hedge funds (January 2022)
Credit hedge fund returns

Relative value traders seize on fleeting mismatches
The volatility that hit credit markets from mid-November has produced rare opportunities for relative value traders after a dearth for 12 months

Citi's former correlation trading star takes on new risk head role
Citi's former head of credit correlation trading has taken on a new role in the bank, becoming head of in-business market risk for global markets

Credit hedge funds (November 2021)
Credit hedge fund returns

Dispersion trades in play as transatlantic rift opens
The return of idiosyncratic risk at the wide end of US and European high yield markets has put index equity tranches for the two jurisdictions on noticeably divergent paths, say correlation traders

Zais and BNP Paribas strike ESG breakthrough with climate change CSO
The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions

Ashurst boosts structured finance and derivatives practice as it brings in partner
Law firm Ashurst has hired a structured finance and derivatives specialist as a partner in its global markets practice

Credit hedge funds (October 2021)
Credit hedge fund returns

Credit hedge funds (September 2021)
Credit hedge fund returns

Goldman builds out exotics strategy amid tranche market high
The index tranche market is gaining support, with Goldman Sachs adding to those building up their presence, officials at the bank confirm

Broadening SRT market defies spread compression
Credit spreads are close to all time tights — high yield, courtesy of CDX HY, recently hit its tightest level since January 2007 — but the significant risk transfer (SRT) market is one of the few pockets of credit where pricing is wide of pre-covid levels

Credit hedge funds (August 2021)
Credit hedge fund returns