Big swing for high yield property co as bears make new push
Credit trading has turned decidedly bearish again as the weekend approaches, with investors bracing for a host of market-impacting developments. This has brought a particularly volatile reversal in performance for one European high yield borrower

US high yield outperforms as credit adds to rally
French equipment rental company Loxam is among the biggest movers as credit markets rally for a second day, but US high yield is having the better week

Potential failure to pay has occurred on Russian CDS, says Determinations Committee
The Russian Federation is moving closer to triggering a credit event on foreign debt, with the Credit Derivatives Determinations Committee having ruled a potential failure to pay has occurred

Chorus reaches crescendo with big SRT hire
Chorus Capital says it has hired an experienced significant risk transfer official to its investment team and executive committee in London

Heavy mood greets Europe’s return as earnings and rates policy weigh
The European market on its return after the long weekend is greeted with another sizeable push wider in spreads, with focus on US Federal reserve policy, this week’s round of corporate earnings and the prospect of US 10-year inflation linked bond yields turning positive for the first time in two years

Credit rally revives as investors scour ECB for Easter eggs
Credit spreads are taking a turn for the tighter on latest European Central Banks statements, at the end of a short week characterised by flatter index trading but persistent single name volatility

RusRail no-auction vote means CDS holders must track down bonds
Russian Railways CDS contracts will not be settled via auction despite the borrower having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

Credit hedge funds (April 2022)
Credit hedge fund returns

Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

Credit investors eye synthetic tranches as dispersion rises
Dispersion is increasingly important to the credit market — and it is incentivising some CLO investors to add synthetic products to their toolkits

Credit indices show central bank-led swing potential
Macro credit trading in March was overwhelmingly about the consequences of Russia’s invasion of Ukraine, but the pendulum is swinging back to central bank policy

That’s another fine mezz I’d like to get into
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year

"The loan market is the septic tank for sub-single B LBO financing"
Portfolios of single name IG CDS are less complex and more liquid than CLOs

DC meets to consider next steps on Russia and RusRail CDS
The Emea Determinations Committee is meeting today, having accepted a request to rule on whether a potential failure to pay has occurred on Russian Federation CDS contracts

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte

Skew in focus for second day as single names move sharply against index
Credit indices are trading out of sync with their underlying constituents for a second day this week, with single names broadly widening despite investors seeking to maintain flattish macro positioning

Russian sovereign posed to DC as 'potential failure to pay'
The Russian Federation has again been referred to the Credit Derivatives Determinations Committee for the second time in a month, this time with the questioner asking if a potential failure to pay has occurred

Fund manager brings in Citi's global head of credit derivatives strategy
An experienced strategist noted for his work in CDS, indices, tranches and options has taken his first buy-side role

High yield and IG single names diverge even as buyside seeks macro neutrality
High yield and investment grade single names are moving in opposite directions at the start of the week, while indices reflect a push by investors to cut directional exposure to macro credit

Sovereign in scope as Russian Railways triggers first Ukraine-linked credit event
Russian Railways had triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled, making this the first sanctions-related credit event since Russia's invasion of Ukraine in February

Investors weigh up Fed calendar and valuations after bruising week
Financial markets are taking stock on Friday after a big sell-off in risk assets, with credit spreads nursing the wounds caused by this week's returning focus on hawkish central bank policy versus rich-looking valuations

Blackstone lands big name as bank's synthetic structured credit talisman joins buyside
Blackstone has hired a well known figure from the synthetic structured credit market, with a prominent name in CSOs joining the firm after 18 years working on the sell-side 

Russia returns to default pricing as railway co awaits credit event vote
Russian credit spreads are once again under intense pressure and sanctions-related credit events are back under the spotlight as the country's state-owned railway company faces the scrutiny of the Emea Credit Derivatives Determinations Committee

Russian Railways posed to DC as failure-to-pay credit event
Russian Railways has been posed as a failure-to-pay credit event, following a filing about its debt on the Swiss Stock Exchange on Friday

Logan Group contracts require physical settlement, DC rules
Logan Group will not require an auction to settle CDS contracts despite having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled