Regulators delay final initial margin deadline and add extra roll-out phase
Regulators have granted a one-year reprieve to smaller counterparties from a requirement to post initial margin on derivative trades, while introducing an additional implementation phase. But while a relief for large numbers of firms struggling to meet the deadline, the concession still ignores calls from industry bodies to deploy a higher final capture threshold

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

CDX EM adds Gulf top tier as MCDX goes sub-IG
The March roll of CDS indices brings notable changes to two products in the IHS Markit suite, CDX EM and MCDX, following users’ feedback on trading requirements

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

US dollar three-month is focus point for benchmarks, finds Ice Libor survey
One-, three- and six-month US dollar and sterling are the focus points for Ice Benchmark Administration to seek agreement with banks, according to the results of IBA’s survey on uses of Libor

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Central counterparties need to improve after Nasdaq Clearing member default, says Isda
Derivative central counterparties (CCPs) must look to make a number of improvements to risk practices, the International Swaps and Derivatives Association has said in a paper that follows a clearing member default at Nasdaq Clearing in September

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Derivatives margin threshold should be €100 billion notional not €8 billion, says Isda
A regulatory threshold that requires counterparties to post initial margin (IM) on derivatives trades if they hold €8 billion notional or more exposure should be raised to €100 billion, the International Swaps and Derivatives Association has argued

Isda transfers credit determinations secretary role to subsidiary
The International Swaps and Derivatives Association has relinquished its role as secretary to the credit derivatives determinations committees (DCs) with the appointment of a new unit, DC Administration Services (DCAS), to manage this function

Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

New rules encourage growth in blossoming risk sharing market
Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets

Standard Chartered plans refocused SRT return
One of the biggest issuers of significant risk transfer (SRT) deals is returning to the market

BlackRock seeks $1 billion for new multi-strat opportunities fund
The new trust will invest at least 80% of its assets in fixed income securities and up to 40% in special situations, SEC filings reveal 

Dedication pays off in risk sharing
Fund managers are pitching dedicated CRT funds to institutional investors as market hits €75 billion in 2017 and US banks start to take notice. By Sayed Kadiri

Anchorage wins $75 million ticket for global credit fund
A US pension fund has approved an investment in the upcoming Anchorage credit fund

HSBC announces $550 million second close for diversified loan fund
HSBC Alternative Investments has announced the second close of its diversified loan fund, which will combine both loan investing and direct lending

Past returns: pension scheme gets stung after regulators rewrite CLO rules
Five years ago, we reported that US pension funds were boosting their allocation to euro-denominated credit. One institution in particular led the way by supporting the first European CLO to be issued since the global financial crisis

Institutional investors - does Europe still provide the best opportunities in credit?
Cash or synthetics, CLOs versus CMBS, senior or junior debt? Institutional investors have a variety of ways to approach credit investing and Creditflux's biannual survey of credit allocators aims to determine which market they view as offering compelling returns