RusRail no-auction vote means CDS holders must track down bonds
Russian Railways CDS contracts will not be settled via auction despite the borrower having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

Credit hedge funds (April 2022)
Credit hedge fund returns

Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte

Skew in focus for second day as single names move sharply against index
Credit indices are trading out of sync with their underlying constituents for a second day this week, with single names broadly widening despite investors seeking to maintain flattish macro positioning

High yield and IG single names diverge even as buyside seeks macro neutrality
High yield and investment grade single names are moving in opposite directions at the start of the week, while indices reflect a push by investors to cut directional exposure to macro credit

Investors weigh up Fed calendar and valuations after bruising week
Financial markets are taking stock on Friday after a big sell-off in risk assets, with credit spreads nursing the wounds caused by this week's returning focus on hawkish central bank policy versus rich-looking valuations

Blackstone lands big name as bank's synthetic structured credit talisman joins buyside
Blackstone has hired a well known figure from the synthetic structured credit market, with a prominent name in CSOs joining the firm after 18 years working on the sell-side 

US oil drive boosts credit, but property firm goes against the flow
US moves to increase oil supply have prompted financial markets to resume rallying, after Russia dampened optimism on peace in Ukraine. But one European company is moving sharply in the other direction

High yield gap yawns open after US index roll
A market rally ahead of Russia/Ukraine peace talks has added to the gap between European and US high yield credit derivative index spreads, a day after CDX HY rolled into a new on-the-run series

Credit rally extends as investors welcome hawkish but clearer Fed message
Credit markets have carried their rally over to another day, fuelled in part by what investors have interpreted as a hawkish but clear message from the US Federal Reserve on policy tightening

HY index to only receive one fallen angel, as five rising stars leave for IG
The addition of rising stars from the high yield market will be a prominent feature of next week's CDX IG index roll. But changes listed for CDX HY suggest the reverse will not be true when it rolls a week later

China pledges and Russia/Ukraine peace hopes drive relief rally
Credit markets have surged tighter on Wednesday, with China's pledge to support covid-hit markets and hopes rising for Russia-Ukraine peace discussions ahead of US Federal Reserve policy moves that are widely thought to have been priced in

China's covid response fuels regional dislocation and slowdown fear
Asian credit divergence has extended into a second day, with China's move to address rising covid numbers driving regional spreads as investors elsewhere await a closely watched Federal Reserve meeting

Europe leads rally ahead of Fed despite mounting concerns from Asia
Credit markets have begun the week on a firmer tone, with Europe outperforming, despite concerns that rising covid-19 cases in China could add a further source of supply disruption

Rising stars and Russia drive credit index roll changes
Rising stars will feature prominently in this month's roll into new iTraxx and CDX index series, but the market's riskiest names will remain in high yield baskets while at least one company falls foul of its links to Russia

Volatility has teed up decompression trades: Barclays
Recent credit market turbulence has brought relative value trading opportunities between cash bonds and CDS, credit and equity as well as between investment grade and high yield, particularly in Europe

Nuclear power plant seizure amps up commodity chaos
The high volatility driven by Russia's invasion of Ukraine is taking financial markets to new extremes, with credit ending the week once again hitting new widest spreads since mid-2020

Ucits at a glance: 2022 opens shakily but with a familiar lead
Ucits funds moved slowly into 2022 as 59% made negative returns in January

Credit hedge funds (March 2022)
Credit hedge fund returns

Market whipsaw sends indices and their constituents in opposite directions
The speed and violence of the credit market's oscillation is causing disruption in index skews, with constituent single names struggling to adjust quickly enough against deepening macro volatlity

RBC names head of high yield trading and e-strategy for leveraged finance
RBC Capital Markets has promoted a high yield trader and head of leveraged finance digital strategy to the position

Euro volatility outpaces US with pivotal hours ahead in Ukraine
Financial markets took another battering on Tuesday, as Russia's war with Ukraine ramped up and western countries moved to enact new sanctions

Ukraine crisis takes EU and Russian markets into new territory
Credit spreads went back to the wides again on Monday, after the European Union intensified its pressure on the Russian economy and reached an unprecedented agreement to supply Ukraine with weapons

Market whipsaws tighter as west holds out on Russian sanctions
Extreme market volatility is extending into the weekend, with a big gap tighter in spreads on Friday as the credit market see-saws due to Russia’s invasion of Ukraine and the uncertain response of both western countries and China