Credit index tranche trading on the rise amid low dispersion
At its halfway point, 2021 is shaping up as another big year for credit index tranche trading, with new investors having entered the market and dealers projecting full-year volume could vie with 2020’s record of recent times.

Credit grind pushes back volatility bets
With recent weeks having all-but crushed volatility from the market, uncertainty about the timing of future risk triggers is leading credit options traders to spurn traditional horizons to focus on longer-dated expiries

Credit slumbers in departure lounge as airline equities take off
Credit and equity markets have been in a balancing act on Tuesday between the positive and negative implications of surging oil prices and Germany opting to relax travel restrictions

French food producer gets cold shoulder following bond issue
Picard, the French frozen foods producer, is one of the biggest movers in the European high yield market on Monday, after investors showed little warmth for its new bond issue in the secondary market

All eyes on NFP as credit seeks exit from 'no man's land'
Credit markets look to be ending wider on the week but, with focus mainly on today's US non-farm payroll numbers, the lack of movement in early trading could give way to a stronger directional play ahead of the long US weekend

It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground

Chicken supplier takes courage from earnings improvement
Boparan, one of the riskiest companies in the European high yield credit market, is among the biggest movers in bonds and CDS on Wednesday, as the market resumes its rally to the tightest prints of the year

Triple Bs in the firing line as Fed turns hawkish, says BofA
Triple B and long duration credit are likely to be casualties of tightening central bank policy, Bank of America strategists have warned. But high yield and cyclical investment grade sectors could fare better

Capital Group hires senior portfolio manager from AB in London
Capital Group has drafted in an investment director in London as it targets European investors 

Credit indices hit impasse after US high yield returns to pre-covid tights
Credit improvement looks to be taking a breather on Thursday after the compression play in CDS indices took US high yield index CDX HY to its tightest prints since February 2020, before the outbreak of covid-19 began to blow out spreads

Shipping firm adds buoyancy amid few signs of choppiness in credit
CMA CGM, the French container shipping company, is a big mover today amid very calm waters elsewhere in credit.

Novicap tech platform targets credit investors with fundraising drive
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporates, is looking to debt capital markets participants such as credit and structured credit funds, asset managers, pension companies and insurers as it seeks to raise third-party funding for its credit platform

"In the afternoon I awoke from a pile of willow leaves to discover we had created a Welsh ether-based token"
A localised crypto-currency boom and bust cycle teaches Welshcake (again) that everything becomes correlated in a downturn  

Tech firm tempts credit investors with supply chain finance offer
Novicap, a fintech company focused on invoice financing, is looking to debt capital market participants — such as credit and structured credit funds, asset managers, pension companies and insurers — as it seeks to raise third-party funding for its credit platform

Focus shifts to macro views amid blurry relative value picture
Relative value trading has become a difficult place to operate in credit, with previously effective strategies such as compression, pairs and basis hard to discern and opportunities difficult to source, according to portfolio managers. 

Single Bs bomb as beta narrative shifts
Few signalled themes in credit have died away as quickly as that of the outperformance of single B rated credit, which several firms proposed at the start of May but soon found crushed by a cocktail of worries around inflation, central bank policy, supply and high yield fund outflows

Fund performance: CLO funds outperform as two hit over 100% 12-months return
CLO funds swatted away the competition in April on their way to dominating our top 10 credit hedge fund return table after an upbeat month

Credit hedge funds (June 2021)
Credit hedge fund returns

Ucits at a glance: Altana sits atop tables as credit bounces back
Ucits funds picked up in April as 79% made positive returns

Credit bull run picks up amid commodities surge
European credit spreads have made a sharp turn for the tighter, building on last week's strong run, even after Asian spreads weakened on rising commodity costs

Meag hires experienced credit specialist for top fixed income job
€328 billion asset manager Meag has appointed a head of active fixed income in Munich to oversee a range of assets including credit

Credit grind makes it five days out of five in bullish week
Credit markets are heading into the weekend on a fifth straight day of improving spreads, amid signs of returning economic confidence and appetite to invest in the asset class

Financials and high yield outperform as rally gathers momentum
Credit spreads are enjoying a second day of improvement to regain some of the ground they lost last week, with Italian banks, commodity traders and higher yielding borrowers among outperformers in a broad rally of both indices and single name borrowers

Climate change pair trade delivers as oil companies' CDS widens
A climate change pair trade proposed by Anthropocene in March has come good with Norwegian oil company Equinor’s CDS outperforming Total, a French oil company

Commodity inflation sends Asia spreads back to wides
Asian credit and stocks added to a rough few days with further sell offs on Thursday, outpacing deterioration in other regions