Telcos show strength amid worrisome start to week
Telecommunication companies have had a good start to the week in credit markets, despite caution around latest Chinese economic numbers and reports of droughts in Europe adding to that continent’s energy concerns

Euro IG credit outperforms as US inflation measure fuels euphoric rally
Hopes of the US economy having passed peak inflation have driven global markets on an emphatic rally, beginning on Wednesday and carrying over to the Thursday trading session

Spreads retreat ahead of pivotal US inflation report
Investors are holding their breath on Wednesday ahead of the latest US inflation numbers, with any change from last month’s reading likely to dictate a sizeable move in financials markets

Position cutting tames market rally and strategists warn on primary impact
Caution is the watchword across financial markets on Tuesday, with the strong recent run giving way to hedging and position cutting ahead of a much-anticipated US inflation reading on Wednesday

Russian Federation auction list features eight bonds
The lengthening endeavour to organise a Russian Federation credit event auction has taken another step forward, with the publication of a preliminary list of deliverable obligations

Strong rally takes indices back below key levels
A big rally has greeted the start of the new week, in large part fuelled by easing recession concerns following Friday's encouraging US jobs number - but seeminly ignoring signs of further deterioration in the outlook for peripheral Europe

ECB acts on inflation but gas and other worries grow worse
If European Central Bank officials breathed a sigh of relief when their first hike in 11 years did not immediately rattle markets — or even dared believe a more hawkish signal helped confidence — the reprieve was short-lived

German firm takes big hit even as most of Europe gains ground
Adler was an outlier in Thursday trading as it bucked overall market improvement following the collapse of a deal to sell shares in a subsidiary. But the Bank of England soon took the shine off credit sentiment in any case

Powerlong joins rising pile of Chinese real estate casualties
Powerlong Real Estate Holdings is the subject of a failure-to-pay credit even question – a potential trigger that would build the pile of Chinese real estate debt defaults the Determinations Committee has considered since December to six, with five this year

UBS says modelling suggests upcoming recession won’t bite
Likely global recession scenarios look mild according to strategists at UBS, who have run four models.

Ucits at a glance: Ucits see red in a tough June for returns
June marked an exceptionally tough month for Ucits funds, as none of those listed in the Creditflux database made it into the black

Credit hedge funds (August 2022)
Credit hedge fund returns  

CFOs stage comeback as fundraising tool for managers
Collateralised fund obligations are coming back into fashion, with Churchill Asset Management the latest firm to launch such an offering after announcing a $700 million deal last month.

Market rides out China-US fray with oil, rates and jobs back in focus
US and European credit markets are exhibiting a firmer tone on Wednesday, with investor focus having shifted from Taiwan concerns to Opec+ oil supply. But a looming Bank of England rate hike and US jobs data mean caution remains the watchword

Green negative basis trades open up after GM issues bonds
There is an attractive entry point for ESG-minded credit investors to put on green negative basis trades, according to a research paper by Anthropocene    

China concerns fuel sell-off, but technical trading drives Euro-US relative value shift
Another lurch wider for spreads is reopening some of the recently healed divide between European and US credit performance, even though US-China relations are among investors’ biggest growing concerns

BofA brings in European corporate credit research head
An experienced credit strategist has landed at Bank of America after leaving Credit Suisse  

Italian rally extends as Europe opens week on stronger tone than US
Improvement in Italian spreads is helping the European market maintain its better tone at the start of the week, but after July’s rally many investors will be wary at entering a month that has often been negative for credit performance

Relief rally extends despite US and EU sending mixed signals on recession
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession

Fed gives boost to markets, but warm glow may wane fast
Financial markets are carrying over the rally they began on Wednesday, after the US Federal Reserve appeared to signal it could ease its foot off the pedal with future rate hikes

US tech earnings fuel relief rally even as Europe's gas supply drops
Stronger than anticipated earnings at US tech giants have boosted financial market sentiment and brought a relief rally to credit following yesterday’s sell-off

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Relief rally lifts markets despite Italy turmoil adding to ECB headache
Financial markets look to be heading to the weekend on a slightly firmer tone, as investors ease back from their bearish positioning of recent sessions