Pandemic underlines importance of the S in ESG as compliant companies outperform
For years, assessing environmental risks has been at the forefront of ESG (environmental, social, governance) investing, but there’s been a greater appreciation of the ‘S’ in ESG since the market sell-off in March

Intelsat CDS set for deemed auction today at 100% recovery
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said

Oak Hill launches 'tactical' investment fund
Oak Hill Advisors is on the fundraising trail with regulatory filings indicating the credit specialist is launching a vehicle known as OHA Tactical Investment Fund

Convergence trades in focus as US high yield wobbles at the tights
US convergence with Europe is the theme of this week, at least in high yield, with CDX HY having narrowed to within 80bp of iTraxx Crossover 

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

US lags as credit explores three-month tights
Credit markets in Europe and Asia have begun June on a rally to their tightest levels in nearly three months, with optimism over reopening economies outweighing concern about US/China trade negotiations. But US credit looks set for a more cautious opening, after a weekend of widespread protests and rioting

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

Saba launches new credit hedge fund
Saba Capital has raised at least $165 million for a new credit hedge fund,

Eaton Vance signals intention to raise new credit fund
Eaton Vance Management has filed a preliminary prospectus with the SEC for a new opportunistic credit fund, Eaton Vance Income Opportunities Fund

PGIM prepares short duration fund
PGIM has filed its intentions to begin fundraising for a new opportunistic fund. PGIM Short Duration High Yield Opportunities Fund will invest primarily in high yield fixed income instruments that are rated below investment grade

Volatility trading has room to run, say strategists, as market holds firm after rally
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading

Intelsat CDS has no deliverables for an auction, says DC
CDS contracts referencing Intelsat Investments look to have no deliverable obligations, according to the Americas Determinations Committee, making a pay-out to protection buyers unlikely

JC Penney becomes seventh bankruptcy credit event to hit index tranches
JC Penney has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

RBC makes it three CDS auctions in a row after debuting this month
Morgan Stanley and Royal Bank of Canada have been added to the list of participating bidders this week for credit event auctions to settle CDS referencing Ecuador and Diamond Offshore Drilling

JC Penney bankruptcy weighs on CLO and CDX HY baskets
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday

Intelsat triggers bankruptcy credit event
Intelsat Investments has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

Idiosyncratic risk keeps traders on their toes as volatility abates
Global credit markets are ending the week at wider levels, after early gains, with optimism waning on the likely pace of recovery from the coronavirus pandemic and nervousness ahead of key economic numbers next week. But volatility has clearly abated from the picture, replaced by greater focus on some of the more troubled companies and sectors

Assurant outsources investment management
Assurant has outsourced the management of its core investment portfolio to Goldman Sachs Asset Management and Voya Investment Management

DC agrees to consider Intelsat bankruptcy credit event
The Americas Determinations Committee has accepted a request to rule on whether Intelsat Investments has triggered a bankruptcy credit event, after parent company Intelsat SA filed for Chapter 11 protection

Frontier CDS auction pays less than bonds had indicated
A credit event auction to settle Frontier Communications CDS produced a slightly better result than expected for protection sellers

Louisiana pension commits $150 million to mezzanine and credit opportunities funds
Teachers Retirement System of Louisiana has awarded $150 million to two credit funds managed by Ares Management and Audax Group at its 7 May board meeting, a spokesperson for the pension has confirmed

Diamond deliverables point to 89 cents pay-out on CDS
An auction to settle CDS referencing Diamond Offshore Drilling looks set to have four deliverable obligations, all of which are quoted around 11 cents