Options investors look to medium-term market normalisation
Credit index options trading has been heating up, with investors looking to take views on future market volatility well beyond the customary three-month horizon as Europe and the US grapple to keep a lid on rates.

Single names make big gains as indices dither
Single name CDS in the US and Europe have strongly outperformed from the start of the week, rallying sharply and across most of the credit universe despite direcctionless trading for indices

Natixis IM hires CEO with incumbent Raby set to depart
Natixis Investment Managers has hired Generali's chief investment officer to lead the firm from 12 April

No sign of caution as single names pick up rally into long weekend
Credit has extended its impressive rally into the long weekend, with single names playing catch up with indices amid economic recovery signals and on the back of US president Joe Biden unveiling a $2 trillion infrastructure plan

High yield leads way as credit steals march on Biden boost
Credit indices have taken another turn for the tighter, even as stocks stay flat ahead of US president Joe Biden unveiling his infrastructure and economic recovery package

Corp hybrid popularity mounts, but strategist outlooks diverge
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance

CDX HY index adds 21bp in roll to series 36
US high yield index CDX HY rolled into series 36 on Monday, starting life 21bp wider than outgoing series 35

Spreads rally sharply ahead of US high yield index roll
Credit markets are rallying into the weekend, pushing US high yield index CDX HY inside a key trading level ahead of its roll to a new series on Monday

TRS goes electronic on Tradeweb with iBoxx trade
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index

CDX HY roll calculations shift as new name change added
A sixth CDX HY constituent change has been added to the provisional list for the index's roll on Monday from series 35 to 36

Roll pushes indices wider but fair value trumps technical positioning
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes

CDX HY to include name with no CDS as new liquidity rules shape portfolio
Changing name selection criteria for the CDX HY is set to produce an unusual result at the forthcoming roll into series 36, with one borrower constituent entering the index that as yet has no CDS attached

Blackstone opens up new horizons with CIO hire for multi-manager business
Blackstone Alternative Asset Management has launched a new platform named Blackstone Horizon and hired a hedge fund veteran as chief investment officer

Yield rise is buying signal for bonds, says BNP Paribas
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists

ESG basket grows and rising stars take focus in CDS index roll changes
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios

Brazil upheaval sends EM spreads to new wides
Emerging market credit spreads are reaching new wides, with Brazil holding focus in the sell off amid a spike of covid 19 cases and deaths well beyond the country’s previous peak. Elsewhere credit is in a stable range but underperforming a more buoyant turn in other asset classes

Tabula makes series of hires for active credit fund launch
A new arm of independent investment manager and fixed income ETF provider Tabula Investment Management has made four hires as it looks to launch actively managed credit strategies with a systematic approach

Broad sell off resumes as government yields head north
Caution is returning at the end of a stronger week for credit, as government bond yields resume their push higher. Asian and European markets followed the US lead from Wednesday with ubiquitous widening of spreads across indices and single names

US credit specialists prepare for partial return to office
Positive covid-19 data coming out of the US is turning market participants’ attention to a potential return to the office

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

Fund performance: CLO funds pick up where they left off
New year, same funds leading the way with CLO strategies the top performers in January

Ucits at a glance: CIFC nears positive 12-month returns
Ucits funds have started 2021 on a quiet note as 72% of funds achieved a positive return

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

Resurgent CSO market bets on ESG and new equity
After a challenging 2020 the synthetic bespoke market has begun this year in style, with a pipeline of deals, talk of new investors and hopes that ESG could play a key role in driving deal volumes

CLO guys shouldn't feel quite as self-important as us Welsh... But you are in a pretty amazing spot
CLO portfolio managers should be emboldened by recent events to push for ESG strategies