Credit Rendezvous: sometimes you have to dive deep to find value
Some parts of the credit market are fraught with danger, but that does not mean portfolio managers are avoiding them entirely, according to the Credit Rendezvous, Creditflux's 10-page quarterly report eaturing comments from 15 credit experts

IG tranches look 'boring' after distressed names ejected at roll
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers.

Fund performance: A third of funds reach positive territory in 2020
August has been another successful month for the CLO category as seven of the top 10 funds invest primarily in CLOs

Barings and PGIM win loan and structured credit mandates as pension puts £2.7bn in credit
The firms will manage global syndicated loans, securitised credit, emerging market debt and global high yield credit for Border to Coast Pension Partnership's £2.7 billion ($3.43 billion) multi-asset credit fund 

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Sharp moves for single name bonds and CDS, as indices open with caution
Credit has begun the week looking for direction with European CDS indices slightly wider, US counterparts edging tighter, and high yield bonds making sharper moves in either direction

French and travel names lead sell off as UK widens quarantine list
European credit is pushing wider at the end of the week, following the UK's decision to remove France, the Netherlands and other countries from its list of those safe to travel to without quarantine

CIFC's new HY team takes all-weather approach as it launches Ucits fund
CIFC has launched a long-short high yield Ucits fund, underlining a trend for all-weather strategies that Creditflux highlighted in the August issue of the monthly newsletter

LP round up: Oregon eyes $1.8 billion into structured credit
Institutional investors have earmarked over $6 billion to credit funds over the past two weeks

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

US and Europe diverge as loan trading bands emerge on the continent
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy"

Lufthansa climbs as shareholder airs bailout grievances
Deutsche Lufthansa is among today's biggest underperformers in credit and stock markets, as a battle brews with its largest shareholder over the terms of a €9 billion government bailout for the airline

US jitters set in ahead of monthly options expiry
A gap has opened up again in the performance of European credit versus US ahead of this month's CDS options expiries, after a shakier trading session in New York yesterday

Relief rally follows relative value trading on US/Europe credit and tranches
Credit markets look set to end the week on a cautious retracement tighter, after several sessions of heavy reminders the coronavirus crisis is far from over and that sector/geographical selection remains important

Sculptor CEO Shafir to step down with CIO taking dual role
Sculptor Capital Management has announced that its chief investment officer will take also take on the role of chief executive officer, effective 1 April 2021

Intelsat CDS set for deemed auction today at 100% recovery
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Credit markets rally, but hopes rest on US stimulus vote
Credit spreads are rallying back today, along with other financial markets, as hopes rise the US congress will agree a massive fiscal stimulus package and other governments in major economies echo a "whatever it takes" line to combat the coronavirus outbreak