CDS relative value traders shift their bets as Europe trades inside US
Credit derivative markets have hit a point of position cutting and resetting, with the iTraxx Europe index having dipped inside its US counterpart CDX IG for the first time since December even as the European Central Bank’s new funding programme underwhelmed financials traders

BlackRock to merge infra and real estate platforms as key figure departs
BlackRock is restructuring its infastructure and real estate platforms into a real assets division, sources say

US and UK sound post-Brexit derivatives regulatory accord
The US Commodity Futures Trading Commission (CFTC) and the Bank of England have issued a joint statement assuring derivative market participants of continued access to trading and clearing after the UK’s exit from the European Union

CIFC launches CLO fund with investment grade mandate
CIFC Asset Management is back in the market with yet another CLO-focused fund – this time, aimed at investment grade opportunities

UK pension looks to take investment grade strategy global
UK pension fund National Employment Savings Trust (Nest) has issued a search for a global investment grade corporate bond manager

CDS sell-off brings profit-taking opportunity for basis trade players
Profit-taking on basis trades between CDS and cash bonds has begun, with the strong run for credit markets since the start of the year having hit a bump yesterday

LA pension fund seeks emerging manager for fixed income strategy
The Los Angeles County Employees Retirement Association (Lacera) has launched a request for proposal in which it seeks out a fixed income emerging manager specialising in liquid strategies, such as core and core plus strategies  

$1.8 billion manager Shelton buys credit manager Cedar Ridge
The $1.85 billion multi-asset manager has bought credit-focused firm Cedar Ridge Partners

Credit spread improvement is calm before the storm, warn strategists
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider

Credit pickers will win as high yield spreads widen in 2019, predicts Citi
After a volatile 2018 in the credit derivatives market, there are reasons to be optimistic this year for the best credit pickers, according to Citi’s global credit derivatives outlook

New York pension funds seek investment grade credit exposure
The comptroller of the City of New York is searching for investment managers, responsible for creating and managing investment grade credit, or investment grade corporate fixed income portfolios.  

JP Morgan AM's global fixed income chief steps down
JP Morgan Asset Management’s global fixed income and currency and commodities group chief investment officer has departed the firm, a spokesperson has confirmed

Selwood plants third credit opportunities fund with $150 million
Selwood Asset Management has launched a third iteration of its global credit opportunities strategy, according to 14 December US regulatory filings

Stone Harbor appoints co-CIO and high yield co-heads
Stone Harbor Investment Partners, the New York headquartered credit fund manager, has opted to share out its chief investment officer responsibilities

Cash-CDS basis set for comeback after "falling knife" mishap, predicts BNP Paribas
The beginning of 2019 should revive interest among credit investors to trade the basis between cash bonds and credit default swaps, according to BNP Paribas strategists – following what they term “falling knife” dynamics in this year’s fourth quarter

Loomis Sayles plans alternatives interval fund
Loomis Sayles is looking to launch an interval fund focused on alternative asset-based opportunities, according to 4 December US regulatory filings

Creditex obtains CFTC swap execution facility exemption
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility

US pension fund seeks HY and IG managers - but not CLOs
Woburn Retirement System, a $153 million US defined benefit plan, has launched requests for proposals seeking investment managers for its US investment grade and high yield investments.  

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Credit sell-off has room to run and pricing is out of whack, says BNP Paribas
The credit market sell-off could have further to go despite recent widening and is “in the process of a late-stage business cycle unwind”, according to a strategist note seen by Creditflux

European CDS index tightens inside US even as bonds languish
Credit derivatives markets have hit a key point of trend reversal this week, with the iTraxx Europe five-year CDS index trading inside its US counterpart CDX IG for the first time since May

Vanguard launches global bond fund with IG focus
Vanguard, the $5.3 trillion investment management firm, has launched an actively managed credit bond fund, providing investors with exposure to investment-grade credit markets  

Los Angeles pension fund plans $3.7 billion allocation to credit
Los Angeles City Employees' Retirement System, the $17 billion pension fund, is allocating to credit in 2019 - it's looking to put $2.44 billion to work in core-fixed income, $800 million into emerging markets debt, $235 million into high yield and a similar amount into a bond/loan hybrid fund

Dai-ichi anchors global infrastructure debt fund with $176 million
Asset Management One Alternative Investments has joined together with Dai-ichi Life Insurance to launch a new global infrastructure debt fund

Napier Park receives $50 million add-on from Texas pension fund
The $30.1 billion pension fund has topped up its separately managed account with Napier Park