Brazil resumes tightening but Bolsonaro silence tests nerves
Brazilian credit spreads have cautiously improved on Tuesday, as the country’s supreme court ordered police to clear roadblocks by protesting supporters of defeated president Jair Bolsonaro

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Fund performance: Credit slumps widely as CLOs lag furthest behind
February’s market turn brought a variety of fund categories into the Creditflux top ten as six different categories were represented -- US high yield standing tallest among them

Past returns: Highland’s Brazilian ‘CLO’
In Creditflux 10 years ago, we reported that Highland Capital Management was launching a regulated fund backed by Brazilian credit in a tranched structure consisting of senior debt and equity

Russia’s long EM index tenure cut in one swoop
Various constituent changes have been tabled for the forthcoming March roll of CDX and iTraxx credit derivative indices into new series, but one stand out is the administrator’s decision to eject Russia from all series of CDX EM

StepStone scores AAA rating for listed bond linked to US direct lending portfolio
StepStone Group has sponsored a $102.5 million securitisation of US direct lending loans that is listed on Mexico’s BIVA Stock Exchange in what it claims is the first transaction of its kind in Mexico

UBP targets sovereign local-currency bonds with Article 8 strategy
Union Bancaire Privée has launched an ESG sovereign local-currency debt strategy, which meets the requirements of Article 8 of the EU’s Sustainable Finance Disclosure Regulation

Loans will be winners in bearish year for credit: BNP Paribas
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

Supply chain crisis hits credit amid shift to physical products
Credit investors are bracing for choppy waters as the supply chain crisis makes itself felt on company balance sheets heading into the year end

Energy crunch grows as differentiator for EM and western credit
Surging energy prices are adding to the inflationary picture in global economies and point to a mounting crisis that could bring sharply divergent performance for different parts of the credit market

Real estate relief boosts high yield but retail rout gathers pace
A mixed week for credit has taken German real estate company Adler back to safer levels while sending two supermarket retailers further into the realms of most risky in the iTraxx Crossover universe

Fund performance: CLOs lead but variety is the spice of life
.An assortment of funds have made their mark in August as five different strategies make it into our top 10 for the month

Credit optimism returns on Evergrande and Fed but big questions loom large
Credit markets have moved onto a firmer footing, with one day of this week’s US Federal Reserve meeting out of way and troubled Chinese real estate behemoth Evergrande having negotiated a domestic yuan bond payment. But there is plenty of room for upset in the coming sessions

Credit hedge funds (August 2021)
Credit hedge fund returns

Credit hedge funds (July 2021)
Credit hedge fund returns

Credit hedge funds (April 2021)
Monthly credit hedge fund tables

Corporates show resilience despite sovereign struggles
Turkey’s sovereign credit spread blow-out in the second half of March came as a shock for emerging market credit investors, adding to jitters Brazil had caused a month earlier. But it also highlighted a new trend of corporate borrowers shaking off sovereign weakness

ESG basket grows and rising stars take focus in CDS index roll changes
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios

Brazil upheaval sends EM spreads to new wides
Emerging market credit spreads are reaching new wides, with Brazil holding focus in the sell off amid a spike of covid 19 cases and deaths well beyond the country’s previous peak. Elsewhere credit is in a stable range but underperforming a more buoyant turn in other asset classes

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves

Credit hedge funds (March 2021)
Monthly credit hedge fund tables

Tale of two leaders as Brazil and Italy go separate ways
The intervention of governments has been a prominent factor in financial market performance during the coronavirus pandemic. But Italy and Brazil have provided stark examples of how individual leaders can drive credit performance sharply in opposite directions

Credit funds at a glance (February 2021)
A round-up of fundraising and people moves