Surge in hedging sends credit spreads to year's wides
A busy and bearish week is ending with credit spreads surging beyond their previous widest levels of the year, with Italian elections this weekend adding to caution in Europe after a string of central bank policy decisions reshaped the global economic outlook and the UK government scrambled to address rising energy costs

Bruises start to swell, despite BoE pulling its punch
Market mood is growing uglier as the week progresses, with global investors increasingly looking for safety as the impact of central bank interventions combines with escalating fear over Russia’s campaign against Ukraine

Powell moves set to surpass power moves as credit spreads head wider
Hedging has been a prominent feature of financial markets ahead of Wednesday’s hotly anticipated US Federal Reserve statements, but Russia’s move to escalate its war efforts in Ukraine has injected another layer of uncertainty

Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction

Down in the hole: investors hedge their bets ahead of pivotal Powell
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell

Bulls extend credit improvement as oil falters at key level
Having hit their widest prints of the month on Monday, credit indices are extending their run of gradual improvement into a third day – but with investors wary of placing big bets ahead of Friday’s Jackson Hole meeting

Carlyle launches private credit JV to invest in Australia and New Zealand
Carlyle Group has teamed up with Australian-based credit firm Amicaa to launch a joint venture investing in opportunistic private credit in Australia and New Zealand

Credit fights for purchase amid swirl of darkening storm
Investors are attempting to peer out of the gloom after a heavy sell off, but meancing clouds gather over Europe especially in the form of weak manufacturing numbers, a sub-dollar euro, spiralling gas costs, and the threat of lower Gulf oil production

Jackson Hole fears and Chinese drought bring bearish start to week
The US Federal Reserve's Jackson Hole Economic Symposium is a key point of focus for investors from the outset this week, with many nervous about the possibility of more hawkish statements arising from that meeting

Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Bears carry market into weekend as Germany adds to recessionary swirl
Germay posting its biggest ever rise in producer prices has not helped the market mood, at the end of a week in which investors have already had to reckon with the hawkish insistence of the US Federal Reserve, spiralling European gas prices and a 10.1% UK inflation print

Turkey stuffs investors with surprise rate cut
Turkey’s rollercoaster ride in debt markets is on another upswing to vertiginous spread levels, with the country having shocked participants with a counterintuitive rate cut

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Credit catches brief reprieve after Fed takes spreads back to pain points
Credit markets are taking a pause from their bearish move, during which European indices once again passed key levels and investors tried to assess the implications of the US Federal Reserve’s July meeting minutes

Credit structuring head lands at Deutsche Bank in expanded role
Deutsche Bank has hired former Credit Suisse global credit structuring head Paul Bajer in a broader remit as global co-head of cross asset structuring

Spreads gap wider with UK inflation adding to cocktail of concerns
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Telcos show strength amid worrisome start to week
Telecommunication companies have had a good start to the week in credit markets, despite caution around latest Chinese economic numbers and reports of droughts in Europe adding to that continent’s energy concerns

Euro IG credit outperforms as US inflation measure fuels euphoric rally
Hopes of the US economy having passed peak inflation have driven global markets on an emphatic rally, beginning on Wednesday and carrying over to the Thursday trading session

Spreads retreat ahead of pivotal US inflation report
Investors are holding their breath on Wednesday ahead of the latest US inflation numbers, with any change from last month’s reading likely to dictate a sizeable move in financials markets

Waterfall flows into Asia with opening of Hong Kong office and senior hires
Waterfall Asset Management has opened an office in Hong Kong, marking its expansion into the Asia-Pacific region for the first time

Russian Federation auction list features eight bonds
The lengthening endeavour to organise a Russian Federation credit event auction has taken another step forward, with the publication of a preliminary list of deliverable obligations

Apollo launches private credit JV with Belstar in Korea
Apollo says it has been “exploring the market opportunity in Korea with a heightened degree of interest for several years”

Convertibles head for recovery after six months stuck in gridlock
Having suffered their worst first half on record, convertible bonds are due better performance if only on mean reversion

Powerlong joins rising pile of Chinese real estate casualties
Powerlong Real Estate Holdings is the subject of a failure-to-pay credit even question – a potential trigger that would build the pile of Chinese real estate debt defaults the Determinations Committee has considered since December to six, with five this year