HY set to roll after rocky week scuttles investors
Market participants are holding their breath ahead of the roll of US high yield index CDX HY, after a week of volatility and fund outflows

Credit rally extends as Fed hurdle passes and Evergrande views evolve
Credit markets are rallying for a second day, after the US Federal Reserve meeting indicated a shortening timeline to rate hikes but no shocks. A key deadline for China Evergrande bond payments still overshadows the Thursday session, but investor expectations have gravitated to a more localised impact for any fall out

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

"China can act how it wants and when it wants in curbing the ambitions of tech firms… but sell offs tend to be opportunities for new buyer
China's latest moves to rein in private enterprise with new rules for education providers have certainly intensified the regulation risk landscape - but Welshcake asks whether this forthrightness could be instructive

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.  

Shipping firm adds buoyancy amid few signs of choppiness in credit
CMA CGM, the French container shipping company, is a big mover today amid very calm waters elsewhere in credit.

"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

Commodity inflation sends Asia spreads back to wides
Asian credit and stocks added to a rough few days with further sell offs on Thursday, outpacing deterioration in other regions

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

Huarong resumes sharp rally as China weighs asset support
China Huarong Asset Manager rallied sharply in the credit market on Wednesday amid media reports China’s central bank could assume some of the state-owned bad debt manager’s assets

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 

China contagion fears linger as Huarong rebounds
China Huarong Asset Manager, the state-owned bad debt manager, is back on a path to improvement after shocking markets by delaying its annual report. But questions remain over the extent of government support and the ripple effects to the wider credit market

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