Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

Blackstone follows in footsteps of KKR and Ares by converting to corporation
The conversion is anticipated to be effective from 1 July

Texas pension fund looks to top up credit portfolio
Texas County & District Retirement System (TCDRS) has decided to increase by 3% its target allocation to strategic credit  

New manager Resco lands ex-credit head to found advisory board
Resco Asset Management, a London based asset manager set up last year, has appointed the first of an anticipated three advisory board members

Triple B fightback has begun, says BNP Paribas
Fallen angel risk – the possibility that a wave of triple B credits could be cut by rating agencies to sub-investment grade – should begin to decline, according to strategists at BNP Paribas

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

Isda extends German CDS protocol deadline beyond March index roll
The International Swaps & Derivatives Association (Isda) has extended the deadline for market participants to adhere to its German bank CDS protocol after it became clear a number of affected parties would not be signed up in time

Illiquid credit boost returns for PensionDanmark
PensionDanmark has generated 5.8% returns from its illiquid credit portfolio for the year 2018, according to its latest annual report published today. But its liquid credit portfolio took a 3.4% hit

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

$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

Robeco looks to align macro fixed income with credit as it makes senior hire
Robeco has hired Jamie Stuttard as co-head of the global fixed income macro team and fixed income strategist  

Muzinich poaches Neuberger Berman MD for top fund distribution role
Muzinich has hired a global head of distribution, according to an announcement today, picking up the role previously held by Joshua Hughes, who left for CIFC Asset Management in May

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

Neuberger Berman unveils three European fixed income funds
The three new European fixed income portfolios will be managed by Patrick Barbe and his six-strong team, who all recently joined from BNP Paribas

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  

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 

Axa IM reveals new Ucits-compliant global credit fund
The new vehicle aims to offer investors a Ucits-compliant product that invets across the whole credit spectrum 

Man Numeric launches credit platform and appoints co-heads of credit
Man Numeric, the quantitative investment business of Man Group, has launched a new credit unit and appointed two officials to lead the business

Pimco launches latest ESG-focused credit offering
Pimco has launched its latest environmental, social and governance (ESG) fixed income offering - GIS Global Investment Grade Credit ESG Fund.

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure