Apollo CLO and CSO specialists earn promotion to partner
Apollo Global Management has promoted two members of its global structured credit team, according to market sources

This is not just wider: M&S stands apart as CDS picks new tights
As credit spreads head back into post-crisis record tight territory amid a softening of tone between the US and Iran, retailer Marks & Spencer is bucking the rally having issued a profit warning today

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

Draghi sends European credit to 2019 tights, as Trump demands Fed response
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

Credit traders’ kickstand: it’s a tough time to go short
Credit derivative indices are ending the week back at very tight levels, with a re-convergence of spreads, with little appetite to bet against presumed central bank dovishness or the upcoming CDS rolls in September

Flat curves and decompression make waves below the surface
Hopes of using the summer slowdown to get to the beach may be tempered for credit relative value traders, where opportunities abound behind the uninspiring benchmark numbers of the slow market grind.

Credit traders' kickstand: European financials outperform as Trump-Xi meeting looms
Credit markets are finely poised going into the weekend, when US president Donald Trump’s crunch G20 meeting with Chinese president Xi Jinping likely could set the direction of trade from Monday

US and European basis trades in play as bonds lag CDS rally
A recent outperformance of CDS indices versus cash bonds has opened up basis trade opportunities on both sides of the Atlantic, say credit strategists

Credit traders' kickstand: nervous equilibrium gives way to weakness as earnings and tariffs weigh
Healthy fund inflows, European and US holidays, and a thinning primary market helped sustain credit spreads this week, but a weaker turn today shows this is a fragile equilibrium and company earnings misses are starting to be punished more severely

Credit traders' kickstand: grave times for UK banks and corps as May goes away
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd

Credit traders' kickstand: widening catalysts gather force with focus on financials
Credit markets are once again ending the week on a negative tone, having regained some posture over previous sessions following last week’s tariff-driven sell-off. Credit index spreads appear inclined to trade within a range, but potential catalysts for that range to shift wider outweigh any obvious reasons to return to the tight prints of last month

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

New manager Resco lands ex-credit head to found advisory board
Resco Asset Management, a London based asset manager set up last year, has appointed the first of an anticipated three advisory board members

Isda tables plans to rid CDS market of narrowly tailored credit events
After lengthy deliberation, a working group of major firms is today set to publish proposals aimed at ridding the market of ‘narrowly tailored credit events’, whereby borrowers are persuaded to default on debt payments in order to trigger pay-outs for CDS holders

Isda seeks fallback spread vendor for derivatives
The International Swaps & Derivatives Association is seeking an independent service provider to calculate and publish adjustments to fallbacks it will use in interest rate benchmarks for its Isda definitions

Dealers gear up to settle Sears CDS and rule on Ziggo successor
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance

Credit spread improvement is calm before the storm, warn strategists
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider

Cairn sheds light on single-investment SRT fund
Fresh details have emerged on Cairn Capital’s new significant risk transfer (SRT) funds with the manager informing Creditflux that Pathfinder Fund III was structured such with US requirements in mind

Cairn adds two SRT funds to its roster
Cairn Capital has raised $150 million across two significant risk transfer (SRT) funds - with differing mandates - according to an announcement by the firm

Isda transfers credit determinations secretary role to subsidiary
The International Swaps and Derivatives Association has relinquished its role as secretary to the credit derivatives determinations committees (DCs) with the appointment of a new unit, DC Administration Services (DCAS), to manage this function