Saipem near-term default risk spikes following Moody's downgrade
Saipem's CDS curve has inverted precariously to reflect the company having become the most likely near-term default in the iTraxx Crossover index

Credit hedge funds (February 2022)
Credit hedge fund returns

They said it: "The third term is Jinping’s legacy..."
... He does not care about near-term growth."

Ucits at a glance: Robus claims top spot in 2021 after tight race
Ucits funds have ended 2021 on a high as 62% made positive returns in December

Credit unprepared as Russia and Ukraine spreads go on march
Huge moves in Russian and Ukrainian credit spreads have exposed the growing mismatch between assessments of a likely conflict between the two countries, and the neglect of investors to price in its impact on broader markets

Bond pipeline builds as rocky markets thwart supply
Various factors have played into credit spreads widening at the start of 2022, but an over-supply of bond issuance is not one of them — in contrast to what was moving the market this time last year

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

Financial-corporate compression in play as relief rally extends
Credit markets are experiencing a second day of improvement, with financials outperforming corporate borrowers in the investment grade arena

Barclays seeks head of SRT risk
Barclays is looking to hire a head of SRT risk for its wholesale credit portfolio, having established a credit risk transfer programme under the Colonnade branding 

Saipem's fall lands it among Europe's riskiest borrowers
Saipem has placed itself among the riskiest companies in the European high yield credit market, with its deterioration in spreads extending as it negotiates with investors to shore up ailing finances

Troubled high yield credits go against flow as market rallies
Credit markets are beginning February with a more buoyant mood, but idiosyncratic volatility is keeping investors on their toes with several European high yield single name credits making big moves

Eerie calm breaks as bears return to feast
After what looked a calmer and even buoyant start, credit markets have again pushed wider on Monday as investors wrestle with competing view on outlook for central bank policy

Engineering company gaps wider as earnings slump invites debt wrangles
Saipem is a standout mover in the European credit market on Monday after warning on profits

Heavy market rout takes credit back to November 2020 levels
High volatility is gripping financial markets at the end of a week that has been decisively bearish for credit spreads, as concerns about the end of central bank stimulus and warnings of a Russian invasion of Ukraine next month layer on pain for investors

Broad sell-off as market moves to price five or more Fed hikes
Financial market sentiment has taken another dive in the wake of the US Federal Reserve meeting on Wednesday, with many taking Fed chairman Jerome Powell’s comment that “this cycle is different from the previous one” to mean a steeper tightening than previously thought

Travel, tech and financials give market boost ahead of Fed second day
Credit and equity markets are back in tandem with a sizeable rally ahead of Wednesday's closely watched US Federal Reserve meeting, following a volatile start to the week

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

US and Euro credit diverge ahead of Fed
US and European credit are moving in different directions as investors try to rebalance their positions on Tuesday ahead of the US Federal Reserve meeting kicking off

Robeco adds Asia fixed income head and builds team ahead of strategy launch
Robeco has made a senior hire with a focus on credit and sustainability as it moves staff from Rotterdam in preparation to launch a new fixed income strategy

Financials move first as bearish trading resumes ahead of Fed meeting
The bearish tone in financial markets has spilled over into another week with cautious positioning ahead of the US Federal Reserve meeting, weakness in tech stocks, financial credits underperforming and growing trepidation about the possibility of Russian intervention in Ukraine

See what's next: Netflix gives whole market a chill
Financial markets look set to end the week once again on a bearish trajectory, with fears over consumer confidence and company earnings helping take credit spreads back to their widest levels since the start of December

Biden remarks add extra twist to Ukraine / Russia credit volatility
The war of words around Russia's intentions regarding Ukraine is keeping both countries' credit spreads volatile, with US president Joe Biden's latest remarks leaving room for interpretation on both the perceived threat and how Ukraine's allies are prepared to respond

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 makes comeback despite oil and treasury yields hitting new highs
The bearish mood that has gripped trading sessions over the past week appears to be easing slightly, with US and European credit indices picking up after a strong rally in Asia