Demonised triple Bs could outshine angelic neighbours
There has been a stampede to denounce triple B corporate credit, but investors ditching this rating band may not only miss solid returns but find bigger problems up the spectrum, investors and analysts tell Creditflux.

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 and UK sound post-Brexit derivatives regulatory accord
The US Commodity Futures Trading Commission (CFTC) and the Bank of England have issued a joint statement assuring derivative market participants of continued access to trading and clearing after the UK’s exit from the European Union

Ares grows credit 34% with direct lending boost, but high yield takes rough ride in Q4
Ares Management Corporation reported strong returns for its European direct lending strategies in the fourth quarter of 2018. But the firm's overall revenues slumped and its US loan funds and high yield strategies were hit by the volatile credit market 

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

UK pension looks to take investment grade strategy global
UK pension fund National Employment Savings Trust (Nest) has issued a search for a global investment grade corporate bond manager

CDS sell-off brings profit-taking opportunity for basis trade players
Profit-taking on basis trades between CDS and cash bonds has begun, with the strong run for credit markets since the start of the year having hit a bump yesterday

They said it: "I enjoy problem-solving and puzzles"
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager

Retail fund pain is a CLO manager’s gain
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years

Lazard appoints co-heads of sustainable investment and ESG
Lazard Asset Management has appointed co-heads of sustainable investment and ESG across both sides of the Atlantic 

Värde names co-deputy CIO and two partners
Värde Partners has announced the promotion of its global head of private debt, transportation and energy to deputy chief investment officer 

Dealers gear up to settle Sears CDS and rule on Ziggo successor
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance

Credit spread improvement is calm before the storm, warn strategists
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider

Majority of investors seek to increase private credit allocations, BlackRock survey reveals
Over half of investors plan to increase their allocation to private credit in 2019, according to an institutional client rebalancing report published by BlackRock

JP Morgan AM's global fixed income chief steps down
JP Morgan Asset Management’s global fixed income and currency and commodities group chief investment officer has departed the firm, a spokesperson has confirmed

I liked it when banks could hold risk and actually had inventory to shift
Louis Gargour, CIO of LNG Capital, takes our credit quiz

Loan volumes fall in Europe but rise in US
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets

US regulation drives insurance money towards credit ETFs
Institutional investors are increasingly allocating to credit exchange-traded funds (ETFs), but their motivations are changing. These vehicles are famed for their liquidity, but several investors are said to be pouring money into them for the long term amid regulatory changes which have made ETF investments more favourable

Finding the hidden value in success
Learning from one’s mistakes is often cited as key to professional development. However, widening this perspective and paying attention to things that go well can further improve performance

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg

Cash-CDS basis set for comeback after "falling knife" mishap, predicts BNP Paribas
The beginning of 2019 should revive interest among credit investors to trade the basis between cash bonds and credit default swaps, according to BNP Paribas strategists – following what they term “falling knife” dynamics in this year’s fourth quarter

Creditex obtains CFTC swap execution facility exemption
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility

Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform