Travel company CDS soars wider as bond issue converts to concern
TUI, the Anglo-German travel operator, is under pressure in credit and equity markets just it has launched an offering of convertible bonds

Hermes seeks ESG alpha in companies making changes
Buy-side demand to tick boxes for ESG standards has fuelled a boom in green and social impact bonds that is extending into high yield issuance. But as investment opportunities mount, so does soul-searching about the next phase

Fund managers brace for EU’s new sustainability regulations
European fund managers were faced with new environmental, social and corporate governance (ESG) regulations in March, which enhance disclosure requirements around sustainability

Technicals support IG while investors hunt for rising stars
Investment grade credit spreads have been stubbornly tight for the past six-months, but investors see positive technical factors that make lower-rated bonds appealing

Dutch telco CDS leaps on private equity rumours
An iTraxx Europe constituent has surged wider in five-year CDS amid reports of a buy-out approach

Sandalwood funds of credit funds outperform in February
Credit funds of funds came out on top in February, a month characterised by the sell off in US treasuries

We say it: Creditflux salutes women in credit
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns

Options investors look to medium-term market normalisation
Credit index options trading has been heating up, with investors looking to take views on future market volatility well beyond the customary three-month horizon as Europe and the US grapple to keep a lid on rates.

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

Credit Suisse bears brunt of left-field hit to financials
Financials trading in March served as a reminder that mishaps can hit an investment portfolio from the unlikeliest of directions — and in the calmest of markets

"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers

Single names make big gains as indices dither
Single name CDS in the US and Europe have strongly outperformed from the start of the week, rallying sharply and across most of the credit universe despite direcctionless trading for indices

Natixis IM hires CEO with incumbent Raby set to depart
Natixis Investment Managers has hired Generali's chief investment officer to lead the firm from 12 April

No sign of caution as single names pick up rally into long weekend
Credit has extended its impressive rally into the long weekend, with single names playing catch up with indices amid economic recovery signals and on the back of US president Joe Biden unveiling a $2 trillion infrastructure plan

High yield leads way as credit steals march on Biden boost
Credit indices have taken another turn for the tighter, even as stocks stay flat ahead of US president Joe Biden unveiling his infrastructure and economic recovery package

Corp hybrid popularity mounts, but strategist outlooks diverge
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance

CDX HY index adds 21bp in roll to series 36
US high yield index CDX HY rolled into series 36 on Monday, starting life 21bp wider than outgoing series 35

Banks take big hit as investment firm's fire sale rages
Banks exposed to embattled investment firm Archegos Capital are blowing out wider in credit markets today as their stock prices slump

Spreads rally sharply ahead of US high yield index roll
Credit markets are rallying into the weekend, pushing US high yield index CDX HY inside a key trading level ahead of its roll to a new series on Monday

TRS goes electronic on Tradeweb with iBoxx trade
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index

CDX HY roll calculations shift as new name change added
A sixth CDX HY constituent change has been added to the provisional list for the index's roll on Monday from series 35 to 36

Roll pushes indices wider but fair value trumps technical positioning
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes

CDX HY to include name with no CDS as new liquidity rules shape portfolio
Changing name selection criteria for the CDX HY is set to produce an unusual result at the forthcoming roll into series 36, with one borrower constituent entering the index that as yet has no CDS attached

Blackstone opens up new horizons with CIO hire for multi-manager business
Blackstone Alternative Asset Management has launched a new platform named Blackstone Horizon and hired a hedge fund veteran as chief investment officer

Yield rise is buying signal for bonds, says BNP Paribas
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists