Euro IG credit outperforms as US inflation measure fuels euphoric rally
Hopes of the US economy having passed peak inflation have driven global markets on an emphatic rally, beginning on Wednesday and carrying over to the Thursday trading session

Spreads retreat ahead of pivotal US inflation report
Investors are holding their breath on Wednesday ahead of the latest US inflation numbers, with any change from last month’s reading likely to dictate a sizeable move in financials markets

Russian Federation auction list features eight bonds
The lengthening endeavour to organise a Russian Federation credit event auction has taken another step forward, with the publication of a preliminary list of deliverable obligations

Convertibles head for recovery after six months stuck in gridlock
Having suffered their worst first half on record, convertible bonds are due better performance if only on mean reversion

Powerlong joins rising pile of Chinese real estate casualties
Powerlong Real Estate Holdings is the subject of a failure-to-pay credit even question – a potential trigger that would build the pile of Chinese real estate debt defaults the Determinations Committee has considered since December to six, with five this year

Market rides out China-US fray with oil, rates and jobs back in focus
US and European credit markets are exhibiting a firmer tone on Wednesday, with investor focus having shifted from Taiwan concerns to Opec+ oil supply. But a looming Bank of England rate hike and US jobs data mean caution remains the watchword

China concerns fuel sell-off, but technical trading drives Euro-US relative value shift
Another lurch wider for spreads is reopening some of the recently healed divide between European and US credit performance, even though US-China relations are among investors’ biggest growing concerns

Italian rally extends as Europe opens week on stronger tone than US
Improvement in Italian spreads is helping the European market maintain its better tone at the start of the week, but after July’s rally many investors will be wary at entering a month that has often been negative for credit performance

Relief rally extends despite US and EU sending mixed signals on recession
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession

Fed gives boost to markets, but warm glow may wane fast
Financial markets are carrying over the rally they began on Wednesday, after the US Federal Reserve appeared to signal it could ease its foot off the pedal with future rate hikes

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Italian rout gathers pace as credit relationships warp well beyond historical norms
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment

Mixed signals abound but European weakness persists
European financial markets are losing further ground against the US in a cautious start to the week, as the euro approaches parity with the dollar for the first time and latest data supports the Federal Reserve maintaining a hawkish approach to policy

Go long duration in consumers and industrials: BofA
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists

Europe vs US arb hits resistance as dislocation becomes more extreme
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

Credit tacks sharply as hiking talk brings choppy start to week
European financial markets opened the week on a cautious footing, after a weak Asian session, with credit indices oscillating between wider and tighter prints over the course of Monday morning

Shimao credit event auction not needed, rules DC
Holders of CDS protection on Shimao Group Holdings will have to physically settle contracts

EU inflation prints frame challenge ahead as horror show first half ends
Financial markets are heading into the weekend with a rare stationary session, but the mood is more one of shellshock than considered positioning, after one of the worst first halves to a year on record

Energy co joins Europe's choir of fallen angel candidates as spreads soar
The financial market sell-off is entering acceleration, with credit indices blowing to new psychological levels and a growing number of investment grade companies reaching high yield spreads

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Chinese property industry suffers fourth credit event of year
Shimao Group Holdings has triggered a failure-to-pay credit event, making it the fourth Chinese property firm this year to do so

Property firm's troubles mount while rest of market rallies
Financial markets have opened the week brightly on a mix of improved sentiment and technical repositioning. But one European high yield company is heading further into stress, against the flow