Credit traders' kickstand: nervous equilibrium gives way to weakness as earnings and tariffs weigh
Healthy fund inflows, European and US holidays, and a thinning primary market helped sustain credit spreads this week, but a weaker turn today shows this is a fragile equilibrium and company earnings misses are starting to be punished more severely

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

Supermarket owner Rallye triggers credit event and joins queue for settlement checkout
Rallye, the parent of French supermarket chain Casino, has triggered a bankruptcy credit event, the Determinations Committee for Europe, Middle East and Africa (EMEA) has determined

Credit traders' kickstand: grave times for UK banks and corps as May goes away
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Credit traders' kickstand: widening catalysts gather force with focus on financials
Credit markets are once again ending the week on a negative tone, having regained some posture over previous sessions following last week’s tariff-driven sell-off. Credit index spreads appear inclined to trade within a range, but potential catalysts for that range to shift wider outweigh any obvious reasons to return to the tight prints of last month

New Look triggers credit event with big pay-out likely for CDS
The Europe, Middle East & Africa Determinations Committee has ruled that New Look has triggered a failure-to-pay credit event

DC accepts New Look failure-to-pay credit event question
The Europe, Middle East and Africa Determinations Committee has accepted a request to rule on whether New Look has triggered a failure-to-pay credit event

Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week

Ice seeks consensus with credit risk analytics service
Intercontinental Exchange (Ice) has launched ICE Credit Risk, a suite of analytics it will provide in collaboration with financial risk assessment company Credit Benchmark

High beta's time to shine in next leg of rally, says BAML
High-beta credits have yet to reward expectations they would lead the market rally in 2019, but this is about to change, according to a research note by Bank of America Merrill Lynch

Steinhoff CDS auction in limbo due to lock-up and CVA
A date to settle CDS referencing Steinhoff Europe had still to be agreed as Creditflux went to press — more than a month on from when the EMEA Determinations Committee (DC) ruled that the company had triggered a failure-to-pay credit event.

Barclays re-hires credit structurer
A credit structurer in London has returned to Barclays after taking a career break from the bank

Credit Suisse adds special situations trading head among raft of hires
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business

Oak Hill reshuffles leadership in Europe
Oak Hill Advisors has appointed three long-serving members of its investment and business development teams to lead the European office

CQS names CEO for its US business
CQS Asset Management has appointed Michel Brogard as chief executive officer of the firm’s US business

Windstream CDS settles higher than expected amid big physical settlement orders
Windstream Services CDS contracts have settled at a final price of 29.5, presenting a big pay-out for holders of protection but not quite as rewarding as bond levels had projected

Tabula launches ETF to capture iTraxx Crossover and CDX HY volatility premia
Tabula Investment Management, a European fixed income exchange traded fund (ETF) provider, has launched a product aimed at capturing the volatility premium embedded in index options on iTraxx Crossover and its US counterpart CDX HY

Dealers line up to settle Windstream CDS today
Dealers will today hold a credit event auction to settle CDS referencing Windstream Services, with Morgan Stanley added to the list of participating bidders

New Look bankruptcy credit event question put before Determinations Committee
The Credit Derivatives Determinations Committee for the Europe Middle East and Africa (EMEA) region has been asked to rule on whether New Look, the UK based clothes retailer, has triggered a bankruptcy credit event

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

Seven name changes as CDX HY rolls into tighter new series
The CDX HY index rolls today into series 32, with seven constituents changing from series 31 and a tighter portfolio spread expected to result

Staples CDS comes unfastened as refinancing talks begin
CDX HY index constituent Staples is one of the biggest movers in CDS this week, following reports private equity owner Sycamore Partners plans on taking a $1 billion dividend recap from the US headquartered office supplier

Steinhoff has triggered failure-to-pay credit event, rules DC
Steinhoff Europe has triggered a failure-to-pay credit event, the EMEA Credit Derivatives Determinations Committee has ruled unanimously