European credit rallies in stark discord with deepening Ukraine crisis
Cognitive dissonance looks to be afoot in the credit market on Wednesday, with indices rallying for a second day even as Russian and Ukrainian spreads move to new wides

Investors look to US response after Putin lights touch paper on Ukraine intervention
Credit investors are left facing a what-happens-next moment after Vladimir Putin recognised the Donetsk and Luhansk regions of Ukraine as independent states, paving the way for Russian forces to intervene. In response the US has moved swiftly to impose new sanctions targeting the two regions

French co rattles investors on micro level as Russia overclouds macro
After a cautious opening, investors in the European credit market have resumed hedging as western leaders continue to talk up the prospect of Russia invading Ukraine and the Kremlin has dismissed hopes of a Biden-Putin summit as premature

Asian property co default in crosshairs as DC agrees to rule on failure-to-pay
Yuzhou Group is under consideration as a default trigger for CDS contracts, after the Asia Ex-Japan Credit Derivatives Determinations Committee agreed to rule on failure-to-pay question

Europe drives relief rally after Russia signals troop withdrawal
European financial market volatility has brought another reversal of relative value dynamics versus the US, with Russia/Ukraine developments extending their sway

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

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

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

Ukraine and Russia volatility steps up amid political trial and conflict fears
Ukrainian and Russian spreads are among the market's biggest movers at the start of the week, as developing tensions between the two countries ramp up another notch and former Ukrainian president Petro Poroshenko has arrived in Kyiv to face treason charges

Determinations Committee agrees to rule on first credit event question in 10 months
Credit event triggers are back on the market's list of discussion points for the first time since February, with the Determinations Committee having agreed to rule on an Asian failure to pay question

Reality check for credit as omicron research timeline extends
Another dose of harsh reality has sunk into financial markets on Tuesday, as investors continue to reappraise the impact of tightening travel restrictions and the timeline for pharmaceutical work to address the omicron covid-19 variant

Traders hunt for Monday bargains in Black Friday debris
The turmoil of Black Friday has given way to a counter-wise move on Monday, with financial markets latching onto scraps of hope over the weekend following the panic of a newly discovered covid-19 variant

Energy crunch grows as differentiator for EM and western credit
Surging energy prices are adding to the inflationary picture in global economies and point to a mounting crisis that could bring sharply divergent performance for different parts of the credit market

Credit Rendezvous: Credit spins full circle
The third quarter was massive in terms of volumes with CLOs, high yield, leverage loans and private equity registering record issuance. But credit spreads were up and down as inflation fears, crackdowns in China and rising coronavirus cases became catalysts for risk-off sentiment in July and September

Investors shrug at new Evergrande bond deadline a week on from roll havoc
Chinese real estate giant Evergrande looks unlikely to meet a $45 million bond payment due on Wednesday despite reports it plans to sell a $1.5 billion commercial bank stake. But credit markets are showing very little reaction despite initial default concerns having up-ended CDS index rolls only last week

Chinese power crunch brings off day for credit as investor optimism dims
Concerns about a China slowdown, Germany's election result, rate hikes and the US government's inability to lift its debt ceiling have contributed to a sharp move wider in credit, as investors attempt to digest a variety of big unknowns

Reversal brings Chinese outperformance in credit
Credit market improvement hit an impasse in most jurisdictions during August, with range-trading in Europe, the US and much of emerging markets. But Asian credit, and Chinese markets in particular, enjoyed a strong run.

Chinese credit makes gains as Europe and US slump on Fed taper fears
Chinese credit spreads on Thursday depicted an island of optimism as global credit and stocks - including its own - slumped against a mounting confluence of concerns

China teaches tough lessons to foreign investors
China’s regulatory crackdown on some of its fastest-growing industries created shockwaves that have reverberated widely, dragging on US and European credit at the end of July.

Credit hedge funds (August 2021)
Credit hedge fund returns

"China can act how it wants and when it wants in curbing the ambitions of tech firms… but sell offs tend to be opportunities for new buyer
China's latest moves to rein in private enterprise with new rules for education providers have certainly intensified the regulation risk landscape - but Welshcake asks whether this forthrightness could be instructive

Commodity inflation sends Asia spreads back to wides
Asian credit and stocks added to a rough few days with further sell offs on Thursday, outpacing deterioration in other regions

China Huarong’s late annual report unsettles market
China Huarong Asset Manager, the state-owned bad debt manager, has been a big driver of credit volatility in an otherwise placid market, after its delayed annual report sent shockwaves through the region and beyond.

Huarong resumes sharp rally as China weighs asset support
China Huarong Asset Manager rallied sharply in the credit market on Wednesday amid media reports China’s central bank could assume some of the state-owned bad debt manager’s assets

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress