Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

New accounting rules could be the axe that decapitates zombie credits

Credit traders' kickstand: full reversal for Crossover as coronavirus spreads
European high yield CDS index iTraxx Crossver is ending the week back at around 230bp, in effect undoing all its improvement since the start of December

High yield pioneer Shenkman joins roster of bond-flex CLO issuers
Romark Credit Advisors, the CLO manager linked with Shenkman Capital, has joined the exclusive but growing group of bond-flex CLO managers

European financials outperform corporates as coronavirus spreads
Financial CDS is outperforming corporate credit today, and Europe outperforming the US, as the market jumps wider on rising alarm at the spread of China’s novel coronavirus

Banco Sabadell joins forces with Amundi
Banco Sabadell and Amundi have announced a long-term strategic partnership, in a bid to boost fund business in Spain  

Schroders appoints deputy head for credit business
Schroders has hired to the newly-created position of deputy head of credit

Four days left to join narrowly tailored credit event protocol
Those market participants yet to sign up to the International Swaps & Derivatives Association’s protocol on narrowly tailored credit events have until Friday to do so

UK charities join forces on hunt for ESG managers
Three UK based charities are joining forces in the hunt for a manager to oversee a £32 million ($41.6 million) portfolio with a strong focus on environment, social and governance (ESG) criteria as well as impact investing  

This is not just wider: M&S stands apart as CDS picks new tights
As credit spreads head back into post-crisis record tight territory amid a softening of tone between the US and Iran, retailer Marks & Spencer is bucking the rally having issued a profit warning today

UK pension eyes managers as part of £1 billion-plus credit expansion
Border to Coast Pensions Partnership is seeking investment managers for single credit asset class mandates,

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.

Deans Foods auction delivers big lunch for CDS protection buyers
Dean Foods CDS has been settled in a credit event auction at a final price of just 9.25 cents – half the 18 cents indicated by the Dallas-headquartered company’s bonds at the time the auction was called

UK pension Nest selects manager for £500 million global bond allocation
Nest, the largest pension scheme in the UK with over 8 million members, has selected a manager to oversee a £500 million separately managed account focused on global corporate bonds

Creditors left with sour taste as two food companies file for bankruptcy
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection

Diameter circles back to CBO market with its second transaction
Diameter Capital Partners yesterday priced its second CBO, just five months after issuing its first, according to market sources

Capital structure emerges for forthcoming debut CBO from Sculptor
Sculptor Capital Management is set to join the ranks of the world’s CBO managers, according to market sources

Credit CIO Finch leaves GLG
Simon Finch has parted ways with Man GLG, according to market sources, ending an 18-month stay at the firm where he served as chief investment officer for credit

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

ESG education top priority for 42% of institutional investors, CFA Society finds
Global Institutional investors are increasingly adopting ESG into their investment decision making – but education on the topic and quality ESG data are needed to help them progress, according to a survey conducted by CFA Society in New York

Points up front: Best to price your deals between 12 and 6am
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry

Draghi sends European credit to 2019 tights, as Trump demands Fed response
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers