Credit funds at a glance (August 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

Credit hedge funds (August 2020)
Monthly credit hedge fund tables

Shot in the arm for US credit as vaccine results prompt outperformance
US credit markets have gained a chance to catch up with European improvement this week, after positive results from a coronavirus vaccine test prompted US outperformance, particularly in high yield

Europe leads opening rally, with Asian boost to autos, banks and commodity traders
A bullish tone in Asia around the economic recovery from the coronavirus pandemic has carried over into the rest of the credit market at the start of the week, taking European spreads tighter and pointing to a solid opening for the US after its long weekend

Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

Credit funds at a glance (July 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

Big reverse rally as hopes rise for US stimulus
Credit markets are rallying sharply today, along with rising stocks, on expectations the US is about to deliver another stimulus package to help address the damage caused to its economy by covid-19

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

Oaktree mixes defensive with opportunistic in new fund for recent hire
Oaktree Capital Management has launched a standalone absolute return fixed income fund for recent hire Brad Boyd, according to market sources

US lags as credit explores three-month tights
Credit markets in Europe and Asia have begun June on a rally to their tightest levels in nearly three months, with optimism over reopening economies outweighing concern about US/China trade negotiations. But US credit looks set for a more cautious opening, after a weekend of widespread protests and rioting

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

Volatility trading has room to run, say strategists, as market holds firm after rally
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading

Airlines and banks lead way as credit rallies on aid measures
Airlines are getting the best of a positive start to the week, with hopes of financial assistance growing for European carriers and spreads generally pushing tighter after the Bank of Japan unveiled new stimulus measures

US/Europe relative value in play as oil prices stabilise
Tightening European credit indices today have added to the relative value trading opportunity with US counterparts ahead of that market's open

Market sell-off gathers pace as oil rout spills over into credit
Credit spreads are pushing wider across the board today, along with slumping stocks, after a crash in oil prices took WTI futures below zero for the first time

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 pulled in different directions as coronavirus relief opens political divisions
A cautious tone surrounds the return of European credit trading after the long weekend - and the Fed-package furore that ended last week. Today's lack of European credit direction comes despite big rallies in Asia, better stock markets and an EU agreement on Friday for €500 billion in stimulus measures

Europe/US credit gap extends as coronavirus curves part ways
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US

Financials lag as credit rallies on Chinese manufacturing pick up
Credit market improvement has continued this morning on signs of Chinese economic recovery, after the rally in spreads resumed yesterday afternoon in Europe and throughout most of the US session

Financials and commodity names lead credit widening as oil slumps
Credit markets ended last week going wider and the theme continues today, as the price of oil slumps further amid growing concern about how the impact of the coronavirus outbreak will stifle demand

Credit traders' kickstand: market whipsaw throws tranche trades and index rolls into focus
Credit's relief rally was unlikely to last long, but hopes of reaching the weekend are dashed on today's sharp reversal, right as CDX HY and CDX EM roll into new series

Jump-to-default risk collapses after Senate backs biggest ever US relief package
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves

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