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

Europcar CDS auction shocks protection buyers with zero pay-out
Wednesay's auction to settle Europcar Mobility Group CDS has left protection buyers on the company with nothing to show for their investments and hedges, after dealers produced an unexpected 100% recovery on contracts due to a technical mismatch in bids and orders

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

Europcar auction faces challenge with tight turnaround
The Emea Determinations Committee has little time to settle a challenge on Europcar Mobility Group deliverable obligations if an auction to settle CDS contracts referencing the defaulted French vehicle hire firm is to take place on time this week

Disconnect as credit sells off as stocks and oil strengthen
Credit is a big underperformer today versus stocks, with the sell off that began yesterday afternoon starkly at odds with the positive tone with which the week began

Guggenheim expands credit trading with senior hire in New York
Guggenheim Securities has hired a managing director to expand its fixed income credit trading capabilities

Financials lead as credit opens 2021 with optimism
Financial credits, and particularly banks, are among the big movers today with the market having opened 2021 in buoyant mood following agreements on a Brexit deal and US stimulus package

Sharp reversal for banks, travel and commodity firms as EU shuts borders
About a month's worth of improvement in high yield credit spreads - and nearly two months in investment grade - has been wiped out today, with European countries banning flights from the UK and Brexit talks missing a key deadline

Fund performance: CLOs look to continue recovery with end of the year in sight
CLO funds claim the majority of positions in our top 10

Ucits at a glance: Year-to-date returns head for double figures
Ucits funds generally performed well in October as 75% achieved positive returns

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

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

LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson

Europcar CDS auction date set
The Emea Determinations Committee has set a date in January to settle CDS referencing Europcar Mobility Group

Two senior CQS officials launch European distressed debt firm
Two senior CQS officials have launched their own boutique distressed debt firm, named Broadstone Credit Partners

Credit sell off gathers pace ahead of Brexit crunch day
With both sides in the EU-UK negotiations conceding that trade talks are most likely to conclude on Sunday without an agreement, credit is again a big underperformer today as more longs cut and run while hedging picks up

400 holds $430 million final close on opportunistic structured credit fund
400 Asset Based Term Fund II will invest across structured credit including special situations, risk-transfers, and liquidity premium opportunities in the primary and secondary markets

Alcentra closes second European strategic credit fund at €557 million
Alcentra has closed its second European strategic credit fund at €557 million

Europcar triggers first credit event in Crossover series 34
Europcar Mobility Group has triggered a failure to pay credit event, the Emea Determinations Committee has ruled

Arcmont hires Dach business development head from Barings
Arcmont Asset Management has appointed a head of Dach (Germany, Austria and Switzerland) business development

Index sell off hits at start of busy week for primary
Credit is stumbling into the week, with a widening of index spreads that noticeably underperforms stock markets

LP round up: Arcmont, Ares and Sixth Street win European direct lending mandates
Investors have allocated around $2 billion to credit funds in recent weeks, according to board documentation seen by Creditflux. Among those to recieve allocations include ADM, Arcmont, Ares, Audax, Bain, Centerbridge, Clearlake, Goldman Sachs merchant banking,  Invesco, Monarch, Oaktree, Raven, Sixth Street and Sound Mark

ECB stimulus hopes bolster high yield outperformance
Spread compression has picked up again, with European high yield taking the lead as expectations mount for another round of European Central Bank stimulus at its meeting next week

KKR promotes three in credit team to managing director
KKR has unveiled 26 promotions globally to managing director, including three in credit