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 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

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

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

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.

Axiom makes big name correlation hire for credit opportunity fund
Axiom Alternative Investments has boosted its platform with the hire of synthetic credit veteran as a portfolio manager

Santander issues SRT referencing Spanish SME loans
Banco Santander has issued a significant risk transfer referencing a €3 billion portfolio of loans

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

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

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

Spanish €2.3 billion SRT referencing project finance loans suffers downgrade
A junior debt tranche in a €2.3 billion significant risk transfer originated by Banco Santander has suffered a downgrade less than a year after its launch

Axiom puts tranches at core of push into synthetic credit
Axiom Alternative Investments is set to target both index and bespoke tranches with the launch of Axiom Synthetic Credit Opportunity Fund.

Santander issues £1.1 billion SRT featuring UK project finance loans
Banco Santander has completed a £1.12 billion significant risk transfer through a transaction dubbed Fitzroy 2018-1 CLO

Crossover users face waking up to much tighter index amid credit selection rule change
September could bring the biggest conceptual repurposing of the iTraxx Crossover index since its series 22 expansion, with IHS Markit set to overhaul rules governing how constituent credits are selected

Global head of credit correlation leaves JP Morgan to launch new hedge fund
Market sources say that a high profile figure, known to have been responsible for unwinding JP Morgan's 'London whale' positions, has left the bank to start his own hedge fund

Capital Four fund soft closes at €350 million
Copenhagen-based Capital Four Invest has recommended a soft close for its Luxembourg-domiciled Credit Opportunities Fund following its growth to €350 million

JP Morgan AM professional to lead spin-out of credit hedge fund
Former JP Morgan Asset Management portfolio manager Fahad Roumani appears to be gearing up to lead a spin-out firm, which will manage the JPS Credit Opportunities Fund under its new name

New tailored credit index tranches draw in private bank investors
A new product aimed at private banks is quietly taking off in the synthetic structured credit space

Waterfall looks to add derivatives to its credit managed account
A US pension fund looks set to approve a change to its account with Waterfall, which will see the manager gain the ability to use derivatives as a hedging tool

Eiffel long-short fund joins Creditflux listing
Eiffel Credit Opportunities fund has been added to the Creditflux credit hedge funds table under the relative value category