Credit hedge funds deliver the goods
Long-only credit funds have made stellar returns in the past 18 months, but credit hedge funds have delivered better Sharpe ratios

Hedge fund tranche buyer moves high yield
Revealed: the mystery buyer behind the disproportionately strong recent performance of CDX HY and LCDX mezzanine tranches

Investor snubs Carlyle with separate account switch
An investor switches the manager for its unlevered loan account

Second-liens face near wipe-out in power default
LCDX dealers have voted to hold an auction to settle loan-only credit default swaps referencing a US power generator

Fund marks up European CLO investments by 13% in July
A CLO investment fund put in a 2.8% monthly return in July, taking its NAV to its highest level since late 2008

Investors pile into bankruptcy exit bonds
Investors snapped up an issue of bankrupty exit notes on Friday

Traders bid up previously shunned CLO equity
While there were only a handful of CLO b-wics last week, those that did appear prompted strong bids, suggesting a strong return of appetite for secondary CLO paper

MetLife takes focus amid surge in US new issuance
Amid a busy day for US new issuance, insurer MetLife took much of the focus as it came to market with a $3 billion offering

Apidos - Credit’s true believers
Few CLO managers can boast they have never failed an OC test. Apidos can, and it wants the world to know about its track record

Thin volumes hit credit hedge funds in June
Out of the 46 credit hedge funds in our monthly performance list, 25 put in a negative performance in June

Unicredit looks to staff up in growth area of credit trading
Unicredit is looking to expand a new credit valuation adjustment (CVA) trading desk it set up recently

Continental makes secured issue
Bond investors gave Germany’s Continental a vote of confidence last month, following its first foray into the bond markets in any size

UK bank confirms senior leveraged sales hire
A bank has confirmed the appointment of a director for leveraged credit sales

Manager replacement fight sends everyone back to the docs
The battle to wrest the management contract for the Flatiron II CLO from New York Life has sent CLO managers scrabbling to check the replacement language in their own deals

A rough guide to Dodd Frank: the devil’s in the detail
A summary of the proposed US financial reform bill’s impact on credit

Sovereign and financial volatility heats up as funding concerns mount
The European credit market has seen a rise in volatility today, with spreads surging wider from the outset

Sovereigns and financials outperform following bond auctions
Today has seen a significant rebalancing of sovereign and financial credit default swap spreads, following strong demand for Italian and Spanish government debt auctions

Why boring old BDCs are the new CLOs
A low-levered, 30-year old loan investment structure is fast becoming one of the hottest topics in credit Mike Peterson