Europe drives relief rally after Russia signals troop withdrawal
European financial market volatility has brought another reversal of relative value dynamics versus the US, with Russia/Ukraine developments extending their sway

European panic over Ukraine pushes market to new wides
European underperformance of US credit has resumed at the start of the week, with the market waking up on Monday morning to another sharp sell off. But the lengthening downturn has some believing spreads have overshot, while others insist worse is to follow

Credit and equity fund flows diverge ahead of Fed emergency meeting
Outflows from credit have extended into another week, even as stocks returned to inflows, as speculation mounted the US Federal Reserve could opt for a 50bp hike in March or even an earlier than anticipated hike at an emergency meeting next week

Ukrainian volatility speaks loud and clear after Russia talks fail
Ukrainian and Russian credit are ending the week with renewed volatility, as failed attempts at diplomatic talks appeared to exacerbate rather than simmer down tensions between the countries

Saipem extends recovery as credit market stabilises
Saipem is the credit market's main mover on Thursday in a flatter day for spreads following recent volatility

Europe outpaces US as investors scramble to cover their shorts
Lifting of short positions has helped take European credit into a second successive day of outperformance against the US, with financial companies and some of the more recently volatile high yield names leading the way

Relief rally for riskiest credits brings reversal on dispersion and first loss trades
Some of the European high yield credit market's riskiest corporate credits are enjoying a strong relief rally, among signals of reprieve from the woes that have beset them in recent weeks

Europe leads relief rally with energy and peripheral bank credits outperforming
Credit spreads are making a broad move tighter on Tuesday, with European Central Bank president Christine Lagarde having tried to rein back rate hike expectations and oil company BP posting strong profits

European underperformance extends against US with another big sell off
The underperformance of European credit versus the US has extended at the start of the week, with investors still struggling to digest the impact of last week's European Central Bank meeting statements

Europe/US relative value comes into play amid growing credit outflows
Big successive moves wider are taking credit spreads to new extremes and bringing compression between Europe and the US amid the highest daily market volatility since 2020

Investment grade hit hardest as tech earnings and rate hike undo market rally
Financial markets have reversed course following two days of improvement, with credit spreads hit by poor tech company earnings and a Bank of England rate hike

Saipem near-term default risk spikes following Moody's downgrade
Saipem's CDS curve has inverted precariously to reflect the company having become the most likely near-term default in the iTraxx Crossover index

Credit hedge funds (February 2022)
Credit hedge fund returns

They said it: "The third term is Jinping’s legacy..."
... He does not care about near-term growth."

Ucits at a glance: Robus claims top spot in 2021 after tight race
Ucits funds have ended 2021 on a high as 62% made positive returns in December

Bond pipeline builds as rocky markets thwart supply
Various factors have played into credit spreads widening at the start of 2022, but an over-supply of bond issuance is not one of them — in contrast to what was moving the market this time last year

Financial-corporate compression in play as relief rally extends
Credit markets are experiencing a second day of improvement, with financials outperforming corporate borrowers in the investment grade arena

Saipem's fall lands it among Europe's riskiest borrowers
Saipem has placed itself among the riskiest companies in the European high yield credit market, with its deterioration in spreads extending as it negotiates with investors to shore up ailing finances

Troubled high yield credits go against flow as market rallies
Credit markets are beginning February with a more buoyant mood, but idiosyncratic volatility is keeping investors on their toes with several European high yield single name credits making big moves

Eerie calm breaks as bears return to feast
After what looked a calmer and even buoyant start, credit markets have again pushed wider on Monday as investors wrestle with competing view on outlook for central bank policy

Engineering company gaps wider as earnings slump invites debt wrangles
Saipem is a standout mover in the European credit market on Monday after warning on profits

SEC warns private fund investors about misleading fund disclosure and due diligence failures
The US Secuties & Exchange Commission published a risk alert on Friday detailing a range of compliance issues it has observed in examining registered private fund advisers 

Heavy market rout takes credit back to November 2020 levels
High volatility is gripping financial markets at the end of a week that has been decisively bearish for credit spreads, as concerns about the end of central bank stimulus and warnings of a Russian invasion of Ukraine next month layer on pain for investors

Broad sell-off as market moves to price five or more Fed hikes
Financial market sentiment has taken another dive in the wake of the US Federal Reserve meeting on Wednesday, with many taking Fed chairman Jerome Powell’s comment that “this cycle is different from the previous one” to mean a steeper tightening than previously thought