Moody’s hires global head of leveraged finance
The US head of leveraged finance, Christina Padgett, retired in November, the ratings agency said.  

Volatility spikes and deal spreads widen amid Middle East conflict in Europe
V-Stoxx increases to 24 from 20; Travel companies among worst hit

Schroders, InPost deals boost 2026 takeover pipeline by EUR 19bn
InPost agrees EUR 7.8bn deal with Advent, FedEx; modest premium for Schroders may open for rivals

PGIM boosts high-yield expertise with two new hires for Euro levfin team
Sunita Kara and Andre Klotz join as portfolio managers from Aviva Investors and Jefferies, respectively

Invading Greenland would be a 'red line' for markets – Federated Hermes deputy CIO of fixed income R.J. Gallo
PODCAST: Federated Hermes’ incoming CIO of fixed income tells the Credit Exchange podcast with Lisa Lee that he is cautious on fixed income at the moment and wary of emerging geopolitical risks

JPMorgan credit research team pitches top trades at levfin conference, strategists recommend overweight BBs
Buy opportunities in AT1 debt, periphery banks, Ardagh Metal, Altice France, Ithaca; Sell ideas on Guala Closures, Nissan, Nomad Foods, Hapag Lloyd
 

Corporate default rates predicted to fall despite tariff uncertainty - S&P
Speculative-grade corporate default rates expected to fall on both sides of the Atlantic as trade tension uncertainty eases, but some concerns remain

Hayfin hires Man's former CLO PM for European high yield, loans research
Jason Late will serve as a co-portfolio manager for the European high yield and syndicated loan strategy

Volatility could cause credit markets to break this year – TCW’s Bryan Whalen
PODCAST: Investors aren’t being paid enough of a premium for the risks in US corporate credit, TCW’s chief investment officer of fixed income told Creditflux’s Lisa Lee on the latest ‘Credit Exchange’ podcast  

Economic uncertainty clouds Milken conference but lev fin markets keep moving
Attendees leave a cloudy LA with few answers but a little more faith in the US leveraged finance markets

Bessent compares Trump to Milken, champions bank deregulation
The US Treasury Secretary also noted that the growth of private credit is a sign the banking system has been too tightly constrained

Leveraged loan, HY defaults to pick up as tariff pause adds more uncertainty - Goldman
The bank expects macro challenges to continue despite the tariff pause  

Expect wider credit spreads, compelling opportunities in CLOs – Bain Capital’s John Wright
PODCAST: Latest guest on the Credit Exchange podcast is "pretty excited" about CLO debt and expects spreads to widen

KKR, Capital Group set to launch a hybrid private-public credit fund for individuals
The new fund with a low minimum will invest across corporate direct lending, private asset-based lending and public fixed income

Fears about rates and the economy have dwindled and the outlook is positive
Bond yields are rising but capital markets remain full speed ahead

Credit hedge funds - December 2024
Credit hedge fund performance

Janus Henderson highlights agency mortgages in new fixed-income ETF
John Kerschner views agency mortgages as the cheapest thing in fixed-income and has a high allocation for the new JIII ETF   

Trump victory raises hopes for high yield markets, M&A revival
Leverage finance markets cheered Donald Trump’s win on the prospect the former president’s return to the White House will unleash deregulation and M&A, lower taxes and higher economy growth

Apollo picks up two hires from Bank of America
Investment bankers Tomasz Gruszka and Murad Khaled have joined Apollo and an affiliate from Bank of America

BNP Paribas announces negotiations to buy AXA IM
BNP Paribas said it entered exclusive talks to buy AXA's asset management unit and set-up a partership for EUR 5.1bn

Credit hedge funds
Credit hedge fund performance

IACPM survey finds credit PMs still gloomy, but less so than last quarter
Respondents to the latest IACPM Credit Outlook Survey are still negative about future credit conditions, but less so than in previous surveys

AlbaCore expands with senior research hires
London-based AlbaCore Capital Group announced the expansion of its investment team last week, with the addition of a new Head of Research

Muni shop expands into leveraged finance with slew of senior hires
Boutique investment bank Middlegate Securities has announced the formation and launch of Middlegate Global Credit, a new leveraged finance division

February 2024 US Leveraged Highlights
Debtwire today releases the February 2024 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets.