Go long duration in consumers and industrials: BofA
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists

CSO equity investors line up deals amid dispersion threat
Synthetic bespoke tranche issuance has hit an impasse in recent months, denting projections for overall 2022 business at the mid-year point. But unlike the covid sell-off of 2020, wider spreads have created a queue of buyers ready to drive deals if condition

Europe leads relief rally while UK gets Borexit done
UK prime minister Boris Johnson’s resignation has brought a collective sigh of relief across all political parties on Thursday that finds pathetic fallacy – but little attributable causal connection – in a strong relief rally in European financial markets

Credit hedge funds (July 2022)
Credit hedge fund returns

Ucits at a glance: LBBW shines as Ucits take a turn for the worse
Ucits fund returns

ECB wizards seek ‘anti-fragmentation’ spell to calm spreads
Eurozone financial market performance this month will heavily focus on the European Central Bank’s unveiling of an ‘anti-fragmentation tool’ as it races to avert a blow-out of peripheral spreads and the build-up of longer-term financing problems

Citi Emea credit trading head earns promotion
Citi has promoted a senior figure in its credit business to regional head of markets for Emea

Europe vs US arb hits resistance as dislocation becomes more extreme
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation

Euro markets slump against US after slowdown signals drive sell off
European credit is once again underperforming the US, after data pointing to economic slowdown sent the euro to a 20-year low against the dollar

A&M makes securitisation breakthrough with SRT for Polish bank
Alvarez & Marsal says it has completed its first securitisation as sole arranger after completing an SRT referencing a pool of housing community loans

Credit tacks sharply as hiking talk brings choppy start to week
European financial markets opened the week on a cautious footing, after a weak Asian session, with credit indices oscillating between wider and tighter prints over the course of Monday morning

Energy co joins Europe's choir of fallen angel candidates as spreads soar
The financial market sell-off is entering acceleration, with credit indices blowing to new psychological levels and a growing number of investment grade companies reaching high yield spreads

Italian €1bn SRT underlines advantage over CLOs and CSOs
The European CLO market has ground to a halt for the last three weeks, but a €1 billion SRT signed this week underlines there is appetite for some securitisations

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Property firm's troubles mount while rest of market rallies
Financial markets have opened the week brightly on a mix of improved sentiment and technical repositioning. But one European high yield company is heading further into stress, against the flow

Real estate stock manoeuvre sparks credit spread blow out
Adler Group's move to 'squeeze out' equity from a subsidiary business has prompted a sharp sell off in bonds and CDS attached to the company

Skew opens up as indices pivot following broad sell off
The opening of the US session on Thursday has brought a firmer tone, after European and Asian markets extended their weak run. But the reversal in index direction has left single name credits still sitting at much wider spreads

Energy firms underperform in credit sell off as oil prices slump
Investment grade credit is the underperformer on Wednesday as the market pivots wider amid negative economic signals and ahead of US Federal Reserve chair Jerome Powell’s appearance before Congress

Credit rally gathers momentum as Fed pitches for credibility
European credit’s relief rally has extended on Tuesday, with US stock futures pointing in a positive direction on return from the country’s holiday and the US dollar slipping a touch against the euro

Credit lacks 'good answer' on what could cap spread widening: JP Morgan
Without any clear candidates to put a lid on spread widening, investment grade and high yield credit markets look set to extend much wider than current levels, warn JP Morgan strategists

Fed hike speculation holds sway over Europe and Asia despite US holiday
Credit markets have opened the week marginally tighter, with Europe and Asia cautious on Monday in the absence of a US trading session, and US Federal Reserve statements likely to drive sentiment in the rest of the week

Internet company triggers restructuring credit event at third time of asking
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event

Europe trades heavier than US as market baulks at new hikes
Credit spreads have resumed their push wider, with European indices once again under more pressure than their US counterparts

Credit rout eases as ECB holds emergency meeting ahead of Fed rates decision
Credit markets are undergoing a relief rally, even as the US Federal Reserve prepares to deliver its moment of truth decision on policy tightening and the European Central Bank holds an emergency meeting to address the recent sell-off in risk assets

Euro IG credit looks set to outperform US, HY and equities: Barclays
An outlook of elevated inflation and low growth favours credit over equities, and euro investment grade over high yield, according to European credit strategists at Barclays