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

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

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

DC accepts request to rule on Russian repudiation / moratorium
The Russian Federation is subject to credit event scrutiny over warnings it could repay foreign bond investors in rubles, with the Credit Derivatives Determinations Committee agreeing to rule on a 'potential repudiation / moratorium' question

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

German real estate firm leads way as credit makes another lurch tighter
Adler, the German real estate investment group, is among the outperformers in Friday's rallying credit market, despite an audit by KPMG having been unable as yet to refute allegations made against the company

Russia debt repudiation / moratorium question lands with Determinations Committee
The Russian Federation looks to be edging closer towards triggering a credit event, having been referred to the Credit Derivatives Determinations Committee for a 'potential repudiation / moratorium' on its bonds

Volatility has teed up decompression trades: Barclays
Recent credit market turbulence has brought relative value trading opportunities between cash bonds and CDS, credit and equity as well as between investment grade and high yield, particularly in Europe

Russia’s long EM index tenure cut in one swoop
Various constituent changes have been tabled for the forthcoming March roll of CDX and iTraxx credit derivative indices into new series, but one stand out is the administrator’s decision to eject Russia from all series of CDX EM

Russia CDS won't be orphaned in credit event but could pay big, say investors
Contrary to a flurry of recent media reports, Russian Federation CDS contracts are highly likely to have deliverable bonds in the event the country triggers a credit event - and this could come soon with high pay outs for protection holders

Nuclear power plant seizure amps up commodity chaos
The high volatility driven by Russia's invasion of Ukraine is taking financial markets to new extremes, with credit ending the week once again hitting new widest spreads since mid-2020

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

Traders eye expensive options as they look to get creative
Credit market volatility trades may look exceptionally expensive, but that is not stopping them being a prized tool for investors on a number of fronts — from hedging longer-term macro risks, through pre-March index roll positioning, to cross-asset relative value plays

Ucits at a glance: 2022 opens shakily but with a familiar lead
Ucits funds moved slowly into 2022 as 59% made negative returns in January

Credit hedge funds (March 2022)
Credit hedge fund returns

Investors brace for rare iTraxx versus CDX IG roll dynamics
Credit traders are gearing up for a highly volatile index roll in March that could bring rare relative value dynamics between CDX and iTraxx

Russian power play causes Europe to break away from US
Russian intervention in Ukraine has become a central issue for credit market investors, who had been slow to acknowledge the mounting threat due to a prior fixation on high inflation and central bank hike

"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