Credit optimism returns on Evergrande and Fed but big questions loom large
Credit markets have moved onto a firmer footing, with one day of this week’s US Federal Reserve meeting out of way and troubled Chinese real estate behemoth Evergrande having negotiated a domestic yuan bond payment. But there is plenty of room for upset in the coming sessions

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

US spreads narrow gap with Europe as credit hits new record tights
Corporate credit spreads are exploring new tights for the year, with Europe taking its turn to grind inwards once again today after strong sessions in Asia earlier and the US on Tuesday

Chinese credit makes gains as Europe and US slump on Fed taper fears
Chinese credit spreads on Thursday depicted an island of optimism as global credit and stocks - including its own - slumped against a mounting confluence of concerns

US plays catch up with Europe as spreads reconverge
There has been a slight softening of European credit on Tuesday, even as stocks hold onto their record highs and US credit spreads take their chance to close the gap after recent underperformance

Publishing boost for French firm but China sours wider market
Lagardere is a notable positive outlier in another off day for the credit market, after China turmoil rocked stocks and sent spreads wider

China crackdown and Fed meeting rattle nerves
Credit spreads widened as financial markets began the week on a less certain footing amid panic stock selling in China and a retreat to treasuries ahead of the US Federal Reserve two-day monetary policy meeting

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

"In the afternoon I awoke from a pile of willow leaves to discover we had created a Welsh ether-based token"
A localised crypto-currency boom and bust cycle teaches Welshcake (again) that everything becomes correlated in a downturn  

Credit hedge funds (June 2021)
Credit hedge fund returns

Credit bull run picks up amid commodities surge
European credit spreads have made a sharp turn for the tighter, building on last week's strong run, even after Asian spreads weakened on rising commodity costs

Sell-off regathers momentum as inflation signals mount
A glum mood has returned to financial markets, beginning with the US session on Tuesday and overspilling into global trading on Wednesday

Credit underperformance resumes as equity turns corner
Credit markets are pushing wider once again on Wednesday, even though stock markets look to regaining some composure following Tuesday's steep sell off

Credit hedge funds (May 2021)
Credit hedge fund returns

Tobacco splutters in broad market sell off
Credit and equity are under pressure on Tuesday as markets pull back from their improved levels amid concerns about the worsening global covid-19 picture. But tobacco companies have their own problems to contend with, with the US considering a proposal to require lower nicotine levels in cigarettes and other countries also looking to curb sales

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

Credit hedge funds (April 2021)
Monthly credit hedge fund tables

Roll pushes indices wider but fair value trumps technical positioning
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes

ESG basket grows and rising stars take focus in CDS index roll changes
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves

Credit hedge funds (March 2021)
Monthly credit hedge fund tables

Europe resumes rally in US absence with Italian spreads hitting new records
Caution about a possible Draghi bubble looks to be a rare commodity, as Italy sovereign and bank spreads are once again among the biggest improvers in a buoyant start to the week

Credit returns to year-opening levels as bulls score five out five
Credit markets are on course for their fifth straight day of improvement, with CDS index spreads not only undoing last week's volatile move wider but regaining the tight levels at which they began the year

High yield credits play catch up as central banks put brakes on bull run
High yield single names gained attention on Thursday, as financial markets took a breather after three days of improvement to digest UK and China central bank policy signals

Credit funds at a glance (February 2021)
A round-up of fundraising and people moves