Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

CLOs are pricing with an acronym premium rather than an illiquidity premium

John Popp of Credit Suisse Asset Management takes our credit quiz

JP Morgan AM names CEO with Willcox set to leave
JP Morgan Asset Management’s chief executive officer Chris Willcox will step down from his job at the end of the year, according to an internal memo seen by Creditflux

UK pension scheme quits tobacco
Nest is set to go tobacco free across all its investments, with the largest UK pension master trust expecting that the process will take up to two years.  

GSO generates $4.5 billion capital for energy-focused credit fund
GSO Capital Partners has closed its second energy-focused credit fund with $4.5 billion of capital commitments, the firm has announced. Creditflux understands that the fund originally targeted a $5 billion final close

US pension replaces Cliffwater with Meketa
Connecticut Retirement Plans and Trust Funds has selected Meketa as a consultant to oversee its opportunistic investments, which consists of direct lending and opportunistic credit investments, along with investments in hedge funds and real assets.  

HSBC pension chief joins London CIV in top role
London Collective Investment Vehicle (London CIV) has appointed Mark Thompson to serve as chief investment officer (CIO), effective from September.  

Japanese pension fund turns its attention to credit funds
Japan's Government Pension Investment Fund (GPIF) has launched a request for information (RFI) on private debt with the institution looking into new assets classes in a bid to generate higher returns  

Wells Fargo names CEO and head of its asset management arm
Wells Fargo has promoted Nico Marais to chief executive officer and head of Wells Fargo Asset Management, effective immediately.

Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations

Deutsche Bank hires emerging market credit trader
Deutsche Bank has added to its credit team in London by hiring a trader of emerging market cash debt and CDS

Credit funds at a glance

Fund performance

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

London pension fund appoints interim CIO
London Collective Investment Vehicle, the fund manager for the pooled investments of 32 London Local Authority Pension Funds, has appointed Michael Pratten as interim chief investment officer  

Border to Coast pension seeks exposure to UK investment grade credit
Border to Coast Pensions Partnership is set to begin a manager selection process, seeking UK investment grade credit and global multi-asset credit funds  

Details emerge of Natixis's new US leadership structure
Kevin Alexander, who departed Natixis, has not been directly replaced 

Investcorp adds fund placement business as it brings Mercury buyout to the boil
The transaction for the alternatives placement agent will help “serve investors worldwide with an array of attractive opportunities in alternative investments”, says Investcorp

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Ares hires Natixis deputy CEO for the Americas to credit investing role
Ares Management has poached the Americas deputy chief executive officer from Natixis's investment banking business

Deutsche Bank rehires Nordic sales head after senior official moves to buy side
The bank is bringing in a Barclays official to replace him, in a slightly more broader role, say market sources

Mizuho’s credit trading head departs in London
Mizuho's head of credit trading has departed after just over a year, a spokesperson at the bank has confirmed.

New investments drive Canada Pension Plan’s credit returns to 8.7%
Canada Pension Plan Investment Board (CPPIB)’s credit portfolio has delivered good returns during the 2019 fiscal year, despite the market volatility, according to the institution’s annual financial report