Credit underperformance resumes as equity turns corner
Credit markets are pushing wider once again on Wednesday, even though stock markets look to regaining some composure following Tuesday's steep sell off

Fund performance: Lightning strikes twice as range of credit funds deliver
What seemed like a chance occurrence in February has struck again in March, as seven categories make our top 10 best performing hedge funds

Telecom Italia spreads dial up as Draghi disconnects network plan
Telecom Italia is among Thursday's underperforming credits in Europe, after the country's prime minister Mario Draghi scrapped plans for a single national fibre network

Credit and stocks regain composure on rates as oil hits new heights
Credit and equity markets have improved again on Wednesday morning, after US treasury secretary Janet Yellen's comments about possible rate rises spooked markets on Tuesday afternoon

M&A drives movers in high yield and investment grade
Acquisition talks are having the biggest impact on European credit spreads on Tuesday following the UK bank holiday, with several names moving against an otherwise flat market

Banks set to offer client clearing of credit index options
Bank members of LCH, the London Stock Exchange's clearing arm, will soon start offering client clearing of CDS index options, as the industry prepares for its next ramp up of margining requirements

Spread tightening picks up with single names making good ground
The credit market rally picked up its pace on Thursday, after several days of more incremental movement. A notable feature is that single names are picking up the shift and in numerous cases outperforming rather than lagging indices

Saipem moves sharply on Mozambique moans
Saipem, the Italian energy engineering group, was a big underperformer in a flattish credit market on Wednesday, as uncertainty over a project in Mozambique weighed on first quarter results and its outlook for the year

Swiss bank credit and equity diverges as it taps investors for $2 billion
Credit Suisse put credit and equity investors on different paths Thursday as it looked to raise nearly $2 billion to improve its finances

Huarong resumes sharp rally as China weighs asset support
China Huarong Asset Manager rallied sharply in the credit market on Wednesday amid media reports China’s central bank could assume some of the state-owned bad debt manager’s assets

Tobacco splutters in broad market sell off
Credit and equity are under pressure on Tuesday as markets pull back from their improved levels amid concerns about the worsening global covid-19 picture. But tobacco companies have their own problems to contend with, with the US considering a proposal to require lower nicotine levels in cigarettes and other countries also looking to curb sales

Lord Abbett prepares special situations interval fund
Lord Abbett is preparing to launch a new special situations fund in the form of an interval fund

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

China contagion fears linger as Huarong rebounds
China Huarong Asset Manager, the state-owned bad debt manager, is back on a path to improvement after shocking markets by delaying its annual report. But questions remain over the extent of government support and the ripple effects to the wider credit market

"IG investors might want to rethink the instrument, but they need not fear rising rates just yet"
In his latest column for Creditflux, Cheyne's Duncan Sankey writes that the sharp rise in 10-year US treasuries could be positive for investment grade investors, but value is in CDS rather than 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

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

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.

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

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

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

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

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

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