Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence

Sacramento pension earmarks $150 million for private credit in 2020
The pension fund expects to commit to two direct lending funds and one credit fund it describes as 'opportunistic'

Portfolio Advisors hits first close as it targets $1.5 billion for secondaries fund
Private markets specialist Portfolio Advisors has completed a first close on its latest secondaries fund at the end of December 2019, having raised between $600m to $700m, a source told Creditflux  

Managers acquiesce on fees as small UK pensions seek private credit nest egg
Private credit fund managers are rejigging their fee structures in order to attract small UK pension schemes.

Complacency rules after rally in run-up to UK election
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.

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.

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.

Crestline bags $360 million for inaugural European opportunities fund
Crestline Investors has held a final close on its inaugural European special situations fund, Crestline Opportunity Fund III Europe, at $360 million, surpassing its original $300 million target size

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

UK pension pool to launch maiden private credit offering
Border to Coast Pensions Partnership is launching its first private credit offering in early Q4, Creditflux has learned

Rallye CDS auction price drops to 12.5 cents on unmatched sell requests
Rallye's credit event auction to settle CDS contracts produced a final price of 12.5 cents today, lower than the initial price set in the first round this morning of 14.975

Cheyne aims to capitalise on stress within direct lending as it closes €1 billion opportunistic fund
The fund seeks to capitalise on the accelerated sell-down of mid-market corporate loans by European banks

Highbridge refocuses on credit as it liquidates listed multi-strategy fund
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

Danish pension fund eyes niche credit opportunities
PensionDanmark is preparing for more volatility in 2019 by casting its eye towards niche opportunities in the special situations and distressed debt market. The Copenhagen-based pension fund last month merged its alternatives and private debt platforms

Californian pension reveals 2019 private credit plan
Ventura County Employees’ Retirement Association is considering committing up to $80 million to private credit funds, following a recommendation of its investment consultant NEPC  

Brookfield strikes deal to buy 62% stake in Oaktree
Brookfield Asset Management has agreed to buy a 62% stake in Oaktree Capital Management in a move which will lead to the creation of one of the largest asset managers in the business.

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

Private credit delivers strong returns for Finnish pension
Valtion Eläkerahasto (VER) has generated 12.4% from its private credit funds for 2018, according to its latest annual report  

Illiquid credit boost returns for PensionDanmark
PensionDanmark has generated 5.8% returns from its illiquid credit portfolio for the year 2018, according to its latest annual report published today. But its liquid credit portfolio took a 3.4% hit

AnaCap buys €4 billion Italian SME loan portfolio
AnaCap Financial Partners has made its first transaction of its fourth credit opportunities fund 

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

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg