Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

Credit funds at a glance (July 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

Index tranche volumes go into overdrive as CSOs stall
CDS index tranche trading has gathered pace during the coronavirus pandemic, putting the asset class on course for a post-2008 crisis record.

Managers prepare for new habits in post-lockdown world
A new world beckons as lockdown measures gradually loosen; one in which consumer behaviour has changed and credit investing will have to adjust. But it won’t be as easy as compartmentalising investments into ‘covid sectors’ and ‘non-covid sectors’.

Canadian pension Imco outlines two-year $6 billion credit plans
The Investment Management Corporation of Ontario (Imco) has a range of credit strategies in its sights as it seeks to deploy $6 billion in the next two years as part of the build out of a global credit platform, according to officials at the company

Points up front: Channelling Twain, Agent Smith and Mike Tyson
Lockdown can adversely affect one’s grasp of reality, and for credit portfolio managers this has manifested itself in a penchant for quoting famous (sometimes fictional) figures

Wide-end credits sharply diverge in firming market
In an overall flattish market, Selecta Group and Novafives are today's standout big movers in European high yield credit, but are on very different trajectories

Wirecard triggers first European CDS credit event of 2020
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction

DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event

Chesapeake default takes CDS auctions to eight-year high
Chesapeake Energy has been confirmed as the latest CDX HY index constituent to require settlement at auction, after the Americas Determinations Committee ruled it has triggered a bankruptcy credit event

Chesapeake bankruptcy points to hit for CDS and loan holders
Chesapeake Energy looks set to become the latest in a string of defaults to hit US high yield index CDX HY, after the Oklahoma City headquartered shale producer filed for chapter 11 protection

US and Europe diverge as loan trading bands emerge on the continent
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy"

Wirecard bankruptcy credit event question put to DC
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa

Lufthansa spreads guided down after heavy turbulence
A volatile week for Deutsche Lufthansa is ending with spreads tighter, after shareholders came around to backing a German government bailout

Algebris leads monthly returns in new world matrix
Algebris Macro Credit's return submission for May was among the best non-CLO/ABS fund performers out of those Creditflux tracks, adding to a strong turnaround for the strategy

Ouch it Hertz! CDS auction result hits index and protection sellers
Hertz Corporation CDS has been settled at auction at 26.375 cents, much lower than protection sellers might have hoped for only last week. But the final price was slightly better than initial bidding signalled

VW gives EuropCar a lift
EuropCar is one of the biggest movers in the credit markets today, on reports that German carmaker Volkswagen is in talks to buy the French car rental firm

Pimco stands alone in Hertz CDS tussle as recovery hopes fall
The Americas Determinations Committee has resolved a challenge on Hertz Corp deliverable obligations in time for tomorrow's credit event auction. But it was not a unanimous decision, with Pimco voting against other members

Lufthansa climbs as shareholder airs bailout grievances
Deutsche Lufthansa is among today's biggest underperformers in credit and stock markets, as a battle brews with its largest shareholder over the terms of a €9 billion government bailout for the airline

DC rejects Valaris credit event request
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

Hertz CDS widens sharply ahead of auction with DC challenge unresolved
The Americas Determinations Committee has extended its deadline to resolve a challenge to obligations for next week's Hertz Corp CDS auction

Bond and CDS surge caps remarkable chicken run for Boparan
Boparan, the UK-based restaurant group and chicken supplier, has surged tighter in bonds and CDS today, capping a remarkable turnaround in recent months for a company that had long been one of the riskiest in the European high yield universe before the coronavirus outbreak

US jitters set in ahead of monthly options expiry
A gap has opened up again in the performance of European credit versus US ahead of this month's CDS options expiries, after a shakier trading session in New York yesterday

DC sets tight deadline to resolve Hertz challenge
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction