Schroders scheme allocates £800 million to credit and liability investments
The Schroders Retirement Benefits Scheme has invested £800 million of its defined benefit assets to the organisation’s cash flow driven investing building blocks  

Correlation rise stokes mezz rally but adds to CSO woes
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources.

Portfolio manager returns to BlueCrest after four years
The former head of BlueCrest Capital Management's US multi-strategy credit group has returned four years after his departure from the firm

Fund performance: Presents under the tree as CLO funds perform

Ucits at a glance: Ucits end strong year on a high

Credit funds at a glance

BTIG hires strategist to cover US and European financials
Nandana Shenoy has joined BTIG in New York to work as a strategist covering US and European financials, according to an announcement by the brokerage

Italian financials put Europe's best foot forward as US outperforms
Financial credits are once again leading the way as the market continues this week’s sharp return rally

Credit traders' kickstand: full reversal for Crossover as coronavirus spreads
European high yield CDS index iTraxx Crossver is ending the week back at around 230bp, in effect undoing all its improvement since the start of December

Skew trading discord as single name CDS snub index rally
The credit market’s reappraisal of risk today, following from Monday’s widening on coronavirus fears, comes with a marked dislocation between the performance of CDS indices and their underlying constituents

European financials outperform corporates as coronavirus spreads
Financial CDS is outperforming corporate credit today, and Europe outperforming the US, as the market jumps wider on rising alarm at the spread of China’s novel coronavirus

Portfolio managers wary of US default rates, IACPM survey reveals
Portfolio managers are more pessimistic about North American corporate defaults in the next 12 months than other global regions, according to the latest survey by the International Association of Credit Portfolio Managers

Pimco launches listed multi-sector global credit fund
Known as Pimco Tactical Income Fund, the fund will invest in a range of global credit strategies and will list on the New York Stock Exchange

Credit traders’ kickstand: primary market flood gives basis for relative value
A deluge of investment grade bond supply in the first two weeks of the year has weighed on the spread basis between the cash market and CDS, leaving opportunities for traders who believe this dislocation should correct over the coming weeks

Renault hits bump in flat markets
The future of Nissan’s relationship with Renault has been in question since last year. But the likelihood of the companies parting ways has increased since Nissan’s former chairman Carlos Ghosn, who faced charges of financial crimes, fled from Japan to Lebanon in December

Credit traders' kickstand: convergence trades rewarded as financials outperform
Compression is the watchword in credit at the start of the year, with the market’s navigation of post-crisis tight prints bringing an outperformance of financial names over corporate borrowers and US over European indices

Tabula launches ETF of iTraxx Europe bond issuers
Tabula Investment Management, a European fixed income exchange traded fund provider, has launched a product that aims to enable liquid hedging by tracking bonds of companies comprising the iTraxx Europe investment grade CDS index

This is not just wider: M&S stands apart as CDS picks new tights
As credit spreads head back into post-crisis record tight territory amid a softening of tone between the US and Iran, retailer Marks & Spencer is bucking the rally having issued a profit warning today

Oil supply concerns grease CDS relative value trade
With credit spreads having begun 2020 circling post-crisis tight prints, there is not much room across the market for improvement and plenty of susceptibility to jitters. But at least one CDS index shows scope to narrow further and could form part of a relative value trade

Rude awakening for credit as US airstrike sends global shockwaves
It only took a day for the positive mood greeting financial markets in 2020 to turn nervous, with credit and equities faltering in early trading today after the US killed a top Iranian military official

Credit traders enter 2020 a world away from 2019's opening blues
CDS markets are showing what a difference a year makes, with indices beginning 2020 at post-crisis record or near record tights. And concerns such as Brexit or US-China (and lately UK-China) tensions are doing little to dampen the mood in today's buoyant trading session

MidOcean Credit co-founder leaves to head PE firm's credit expansion
Multi-strategy private equity firm Siguler Guff has poached a co-founder of MidOcean Credit Partners to lead the expansion of its credit platform

Complacency rules after rally in run-up to UK election
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance