Fund performance: CLO funds deliver again, but third of all funds post losses
CLO funds took six of the top 10 spots in October in a continuation of the previous month’s strong performances. However, a consistent showing from Wasserstein in the US high yield category has claimed the top spot for the last two months

Relative value traders seize on fleeting mismatches
The volatility that hit credit markets from mid-November has produced rare opportunities for relative value traders after a dearth for 12 months

"In 2022, being slow will not be such a bad thing"
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse

Credit Fundraising: mega funds contribute to record-breaking month as volume hits $39bn
The sheer size of the funds raised in November more than compensated for a drop in the number of funds raised as fundraising volume in credit reached $38.9 billion. This beat September by $2.4 billion to make it the most productive month of credit fundraising in 2021

US leads charge in strong relief rally
Credit markets have entered a relief rally on rising optimism the omicron covid variant will not prove as severe as had been feared

Global CLO league tables - Nov 2021 YTD
Global CLO league tables - Nov 2021 YTD

US extends broad hit on credit but German resi giant faces personal dramas
Travel related companies are among those hit hardest in credit as the Tuesday sell off deepens with the US trading session, but investors in German real estate company Adler have endured a torrid day as they digest its third quarter results

Traders hunt for Monday bargains in Black Friday debris
The turmoil of Black Friday has given way to a counter-wise move on Monday, with financial markets latching onto scraps of hope over the weekend following the panic of a newly discovered covid-19 variant

US travel, energy and retail credits take big hit as variant rout extends
The widening trend in credit is extending as the weekend approaches, with US spreads picking up the baton from Europe's earlier surge

Nu variant panic sends credit spreads to the year's wides
The discovery of a new covid-19 variant has routed financial markets at the end of what had already been a dour week, sending credit spreads to their widest of the year

Dispersion returns at wide end as credit deterioration extends
Credit spreads are back to their widest since mid-October - and approaching the year's extremes - amid a second straight session of sharp deterioration

Telco and retailer gap wider as PE firms circle
Telecom Italia is one of the Monday credit market's biggest underperformers, in an otherwise finely poised start to the week

It's All Relative: CQS, Capital Four and Tikehau look for CLO breakthrough as debutant premiums drop
The number of US CLO issuers in 2021 could be about to reach 106 with Capital Four, CQS and Tikehau looking to price debut deals, with price talk set at ambitious levels

Slow and sustainable trades will win race in '22: BofA
A year on from the US presidential election and unveiling of covid-19 vaccines, the credit compression looks challenged. But 'laggards' and sectors with strong capex growth still hold promise

Global CLO league tables - Oct 2021 YTD
Global CLO league tables - Oct 2021 YTD

Earnings season and lifted hedges return credit to best levels in more than month
What began as a cautious, risk-averse week for the credit market is ending with a distinctly more bullish tone, with a fourth successive day of improvement taking spreads to their tightest levels for over a month

Supply chain crisis hits credit amid shift to physical products
Credit investors are bracing for choppy waters as the supply chain crisis makes itself felt on company balance sheets heading into the year end

Most investors still behind target with sustainability and impact investing, survey finds
72% of global investors plan to increase their allocation targets to sustainability and impact investing. That is according to a limited partner survey by private markets firm HarbourVest Partners HarbourVest’s 2021 ESG, Sustainability, and Impact Investing Survey of LPs

LP round up: no Stoptober as investors allocate $5 billion to credit
US institutional investors allocated $5 billion to credit funds in October, with Oak Hill and Pimco among the biggest mandates    

Brookfield hires industry veteran as public securities CIO
Brookfield Asset Management has hired a long-serving credit and equity market professional as chief investment officer for its public securities group

Global CLO trading lab: bank sells $834 million triple As in quarterly reallocation as hedge fund trades CLO equity
Thursday’s secondary CLO market was the busiest of 2021, with over $1 billion of US CLOs on offer. This featured an enormous b-wic worth $834.3 million, where sources have told Creditflux of the bank behind the aucton. While a large credit hedge fund is said to have sold out of control CLO equity 

Everyone’s ramping

Real estate panic brings turbulent changeover for credit indices
New credit derivative index series have emerged at much wider levels, after a turbulent market rout made roll day more challenging for participants

Single names take spotlight from indices with one week to roll day
Single name credits are taking a day in the spotlight for once, as the credit indices present a very flat backdrop at the start of the week

Alcentra makes leadership changes as European CLO head Rainbow goes part-time
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm