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

Spread compression resumes with US passing key milestones
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe

Bulls give up some gains as IG banks and energy lead market wider
In a cautious opening to the week, credit spreads are edging wider against a backdrop of faltering oil prices but marginally strengthened stocks

Compression plays out as HY and European CLO double Bs outperform
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

Europe keeps to the grind with wide-end driving improvement
Credit exhibits a firm tone as the week draws to a close, with index spreads grinding back towards their tights despite a mixed picture for oil prices and much of the US market away after the thanksgiving holiday

Investment grade rallies hard on hopes of end to US deadlock
In a change from the recent trend investment grade credit is the front mover today, playing catch up on high yield as the market-wide rally gathers pace

Primary pumped as Trump gazumped and vaccine hopes jump
A 'yuge' rally is underway in credit markets today, with optimism over Joe Biden's apparent victory in the US presidential election turning to elation following a big covid-19 vaccine breakthrough

Equity tranche shorts gather for fallen angels
Investor views are starting to form around on-the-run iTraxx and CDX index tranches, following their rolls into new versions at the end of September and start of October

Credit fundraising: Dubai manager gets in on the act as direct lending takes off
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds

IG names hit hardest as cocktail of woes routs market
Investor nervousness is evident at the start of the week with a big widening of spreads on Monday as lack of accord on a new US stimulus package added to concern about rising coronavirus case numbers and jitters in the oil market

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

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

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

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

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

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