IHS Markit mulls CDX EM growth and iTraxx ESG screen
Increasing the portfolio size of CDX EM and consulting on an ethically-screened version of iTraxx Europe are among the projects index administrator IHS Markit has been working on ahead of the 20 March roll.

Covid-19 outbreak rattles carry traders
The coronavirus panic hitting financials markets at the end of February has been a strong driver of relative value trades, with CDS underperforming both cash bonds and equity, while financial names felt the heat more than corporate borrowers as geographical risk came into play.

BDCs tap bond market to improve funding mix
A plethora of business development companies have turned to the institutional bond market to refinance their debt.

Axiom seeks high yield sweet spot with long-short fund
Axiom Alternative Investments is set to launch a long-short fund that will identify mispricings of high yield credit arising from the prolonged compression of spreads between different rating bands.

Managers seeking bond buckets will need high yield track record
US CLOs could soon be permitted to buy corporate bonds amid an overhaul of the Volcker rule, but market sources say that in the short term bond flexibility is a luxury that will only be afforded to a select group of CLO managers.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Apollo ups stake in Athene to 35% through stock deal
Apollo Global Management is doubling its stake in Athene Holding to around 35% by exchanging $1.2 billion of common equity and buying $350 million extra of Athene stock

Huge CDS gap yawns between US and Europe, despite Fed intervention
Having crossed paths in a rare moment of compression on Monday, iTraxx Europe and its US counterpart CDX IG have since undergone one of their biggest moments of dislocation since the global financial crisis, as an emergency rate cut by the Federal Reserve failed to comfort investors about the impact of the coronavirus on the US economy

McClatchy bonds point to 50 cent CDS pay-out as auction deliverables finalised
McClatchy CDS in on course to pay out around 50 cents, based on cheapest bonds to deliver, after the Americas Determinations finalised five deliverable obligations for the media company’s credit event auction next week

Europe rallies hard after CDX IG closes tighter for first time since June
Volatility in credit remains heightened due to the coronavirus outbreak, but movement has become two-way, with European CDS indices surging tighter today after US index CDX IG ended yesterday’s session tighter than iTraxx Europe for the first time in nine months

Massachusetts pension commits $200 million to structured and corporate credit
Massachusetts Pension Reserves Investment Trust has approved commitments with CKC Credit Opportunity and LMCG Serenitas  

European CLO managers with big bond buckets do best, finds Bank of America
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research

McClatchy initial list points to 48 cent CDS pay-out
McClatchy CDS looks set to pay out around 47.5 cents to protection holders, if bonds on an initial list of deliverable obligations for the media company’s credit event auction make it to the final list

CDS takes brunt of coronavirus panic sell-off
European credit derivatives are among the hardest hit assets today amid a broad sell-off, as the fast spread of the coronavirus into Italy, Korea and Iran has brought a reappraisal of the impact it could have on financial markets

Credit traders’ kickstand: weaker mood, but primary drive strengthens
The primary market for high yield bonds is open again, after a pause around the US holiday on Monday, with issues in Europe today from the likes of SIlgan and Catalent striking a bullish tone and setting the scene for an expected flurry of deals next week. But this comes as credit generally weakens, with concerns about the spread and reappraisal of coronavirus cases causing spreads to push back from their recent tights

McClatchy CDS auction set for 10 March, despite fast-track request
Dealers on the Americas Determinations Committee have unanimously agreed to hold an auction to settle McClatchy CDS on 10 March, ignoring a request to expedite the process ahead of the media company’s scheduled plan of reorganisation

Loomis Sayles loses out as US pension shifts to higher-quality credit
Dallas Police and Fire Pension System is liquidating a loan portfolio managed by Loomis Sayles, as it reallocates assets away from high yield towards investment grade

Super-fast CDS auction demanded on McClatchy
The DC has ruled that media company McClatchy triggered a bankruptcy credit event on 13 February. But it is yet to set a date for the credit event auction

Hamilton Lane limits uncalled commitments with private market fund
Hamilton Lane has launched a private assets fund, in a strategy that will "seek to limit the exposure of uncalled commitments and shorten the duration of expected cash flows relative to a traditional portfolio”

Illinois pension seeks minority-owned fund of minority-owned fund
The Illinois Municipal Retirement Fund (IMRF) has launched a search, seeking minority-owned investment manager of managers to overlook international equities and/or fixed income strategies.  

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

McClatchy bankruptcy adds to slew of US media credit events
The McClatchy Company, a media sector constituent of CDS index CDX HY, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

Kissick and make up: Ares replaces board member
Ares Management has appointe a replacement to its board of directors as retired Ares co-founder John Kissick steps down