Fund performance: CLOs look to continue recovery with end of the year in sight
CLO funds claim the majority of positions in our top 10

Ucits at a glance: Year-to-date returns head for double figures
Ucits funds generally performed well in October as 75% achieved positive returns

Credit funds at a glance (January 2021)
A round-up of fundraising and people moves

Credit hedge funds (January 2021)
Monthly credit hedge fund tables

Convexity pushes high yield bond basis to the forefront
Compression had become the watchword of the market as Creditflux went to press, providing justification for high yield versus investment grade macro plays, wide-end long positioning and selective tight-end shorts. But the more important driver, say some relative value investors, was convexity

Cessation of activity mid-December is an opportunity to switch off… and let the mind wander
Welshcake is grateful for a lull in credit markets. The downtime has inspired him to dream up a CLO play

Europcar CDS auction date set
The Emea Determinations Committee has set a date in January to settle CDS referencing Europcar Mobility Group

It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

Credit sell off gathers pace ahead of Brexit crunch day
With both sides in the EU-UK negotiations conceding that trade talks are most likely to conclude on Sunday without an agreement, credit is again a big underperformer today as more longs cut and run while hedging picks up

Big push wider in high yield as traders cut their longs
Europe's iTraxx Crossover CDS index has given up a big part of its recent rally today, underperforming other indices amid signs traders are closing up books early for the end of the year

Europcar triggers first credit event in Crossover series 34
Europcar Mobility Group has triggered a failure to pay credit event, the Emea Determinations Committee has ruled

Two managers beat 80 others for £660 million multi-asset credit mandate
The UK's Local Government Pension Scheme Central has selected two managers for its £660 million Multi-Asset Credit Fund

Index sell off hits at start of busy week for primary
Credit is stumbling into the week, with a widening of index spreads that noticeably underperforms stock markets

No auction needed for Zambia CDS, says DC
Investors will have to physically settle Republic of Zambia CDS as there are not enough contracts outstanding to merit a credit event auction, the Emea Determinations Committee has ruled

LP round up: Arcmont, Ares and Sixth Street win European direct lending mandates
Investors have allocated around $2 billion to credit funds in recent weeks, according to board documentation seen by Creditflux. Among those to recieve allocations include ADM, Arcmont, Ares, Audax, Bain, Centerbridge, Clearlake, Goldman Sachs merchant banking,  Invesco, Monarch, Oaktree, Raven, Sixth Street and Sound Mark

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

ECB stimulus hopes bolster high yield outperformance
Spread compression has picked up again, with European high yield taking the lead as expectations mount for another round of European Central Bank stimulus at its meeting next week

Highbridge closes convertible dislocation fund with over $2 billion to deploy
Highbridge Capital Management has held a final closing of its convertible dislocation fund

Europcar posed as failure to pay credit event
Europcar Mobility Group has been proposed to the Emea Determinations Committee as a failure to pay credit event, following the French vehicle hire firm's announcement of a financial restructuring

Wide-end names gain ground as market hits impasse
Financial markets appear to have a hit resistance points in several asset classes today, with credit, stocks and oil prices struggling to find traction despite encouraging signals from the UK on rolling out the Pfizer/BioNTech covid vaccine

Spread compression resumes with US passing key milestones
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe

PGIM hires senior European lev fin PM
PGIM has hired the former head of European high yield and global loans at Aberdeen Standard Investments

Bulls give up some gains as IG banks and energy lead market wider
In a cautious opening to the week, credit spreads are edging wider against a backdrop of faltering oil prices but marginally strengthened stocks

Certior targets smaller distressed funds as it launches fund of funds
Certior Special Opportunities Fund is targeting distressed debt, opportunistic strategies, special situations, non-performing loans and asset-backed securities 

Compression plays out as HY and European CLO double Bs outperform
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield