KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

Credit hedge fund returns: March 2020 stats
Monthly performance across credit hedge funds

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

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

Credit finely poised despite German affront to ECB bond buying programme
Credit markets have hit a moment of near equilibrium, with little change in most spreads, as the market seeks firmer answers to questions lockdown easing, earnings, oil supply/demand and political stand-offs

US-Europe relative value gap closes as market sell-off resumes
Credit markets are heading wider into the weekend, with European underperformance closing a relative value gap that had opened with the US last Friday. The moves accompany detoriation in equity markets, stoked by the threat of a renewed US-China tariff war, pressured bank results, airline job cuts and poor UK economic numbers

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Selecta and Southwest battered as market trades flat as a pancake
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners

Airlines and banks lead way as credit rallies on aid measures
Airlines are getting the best of a positive start to the week, with hopes of financial assistance growing for European carriers and spreads generally pushing tighter after the Bank of Japan unveiled new stimulus measures

Credit keeps its own rhythm amid oil crash and EU clash
As another week of worry and disappointment ends, the most optimistic thing that can be said for credit is the new peak spreads are lower than those that went before - suggesting a more manageable level of volatility is starting to characterise the market

US/Europe relative value in play as oil prices stabilise
Tightening European credit indices today have added to the relative value trading opportunity with US counterparts ahead of that market's open

Market sell-off gathers pace as oil rout spills over into credit
Credit spreads are pushing wider across the board today, along with slumping stocks, after a crash in oil prices took WTI futures below zero for the first time

Italian banks push wider on EU coronabond stand-off
Political divisions over tackling the coronavirus economic crisis are front and foremost for European credit traders this week ahead of an EU leaders virtual summit on Thursday, with Italian and Spanish banks among today's worst performers in CDS

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Extreme gap opens for basis traders as relief packages cause distortion
Evidence abounds for how government and central bank interventions in the coronavirus crisis are distorting credit markets, but one clear signal is the flip-around of the basis between corporate bonds and CDS in recent days

Trouble brews for hard-hit credits despite improving optimism
Deutsche Lufthansa, Hema and Matalan are among credits pushing wider against the grain today as the European market tightens back within its recent narrower range

Credit pulled in different directions as coronavirus relief opens political divisions
A cautious tone surrounds the return of European credit trading after the long weekend - and the Fed-package furore that ended last week. Today's lack of European credit direction comes despite big rallies in Asia, better stock markets and an EU agreement on Friday for €500 billion in stimulus measures

Good Thursday for credit, as Europe gains gusto from US resurrection
The Easter revival has come early for credit, with three straight days of global improvement and iTraxx Crossover today rallying again into the long weekend at its tightest print for a month

Coronavirus volatility drives CDS clearing surge at LCH
CDS volume at LCH, the central clearing house of the London Stock Exchange, blew previous records out of the water in this year's first quarter, underscoring how the asset class served as a leading signal in the onset of the coronavirus pandemic

Axiom bets on 2002-style credit recovery with crossover fund launch
Axiom Alternative Investments is readying to launch a fund aimed at generating returns from the dislocation and revival of European and US credit as the coronavirus pandemic develops

Europe/US credit gap extends as coronavirus curves part ways
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US

US/Europe CDS relative value in play as index gaps widen
A growing differential is opening this week between European and US credit derivative indices, with stark warnings yesterday on the impact of the coronavirus pandemic prompting a big sell-off in financial markets

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top