High yield has primary bonds more than Georgia on mind in third day of underperformance
European high yield credit is on a run of underperformance as the first signs of primary market bond issuance appear, with spreads widening for a third day straight against improvement in other asset classes

Disconnect as credit sells off as stocks and oil strengthen
Credit is a big underperformer today versus stocks, with the sell off that began yesterday afternoon starkly at odds with the positive tone with which the week began

Financials lead as credit opens 2021 with optimism
Financial credits, and particularly banks, are among the big movers today with the market having opened 2021 in buoyant mood following agreements on a Brexit deal and US stimulus package

Sharp reversal for banks, travel and commodity firms as EU shuts borders
About a month's worth of improvement in high yield credit spreads - and nearly two months in investment grade - has been wiped out today, with European countries banning flights from the UK and Brexit talks missing a key deadline

New valuation rules to 'severely limit' fixed income cross trades
Law firm Practus believes that new SEC rules will limit a fund’s ability to cross-trade fixed income investments after the regulator adopted fund valuation rules in December

Fund performance: CLOs look to continue recovery with end of the year in sight
CLO funds claim the majority of positions in our top 10

Ucits at a glance: Year-to-date returns head for double figures
Ucits funds generally performed well in October as 75% achieved positive returns

Credit funds at a glance (January 2021)
A round-up of fundraising and people moves

Credit hedge funds (January 2021)
Monthly credit hedge fund tables

Signs of new dawn as tranche volumes smash past $250bn
Last year, people formed fresh habits as they adapted to the coronavirus pandemic. Similarly, in credit, a breakthrough year for the CDS tranche market is leading participants to believe that elevated tranche volumes are here to stay

Convexity pushes high yield bond basis to the forefront
Compression had become the watchword of the market as Creditflux went to press, providing justification for high yield versus investment grade macro plays, wide-end long positioning and selective tight-end shorts. But the more important driver, say some relative value investors, was convexity

Zombies demand brain work from tranche traders
Outperformance of junior tranches and underperformance of senior was the big theme in CDS index tranches going into December. But the picture began to change as Creditflux went to press

Little room to move in IG’s vice-like grip
The absolute tightness of credit has left investment grade specialists a tough challenge to find value in the coming year, with neither scope for spread improvement nor encouragement to go short

Europcar CDS auction date set
The Emea Determinations Committee has set a date in January to settle CDS referencing Europcar Mobility Group

Credit sell off gathers pace ahead of Brexit crunch day
With both sides in the EU-UK negotiations conceding that trade talks are most likely to conclude on Sunday without an agreement, credit is again a big underperformer today as more longs cut and run while hedging picks up

Big push wider in high yield as traders cut their longs
Europe's iTraxx Crossover CDS index has given up a big part of its recent rally today, underperforming other indices amid signs traders are closing up books early for the end of the year

BlueCrest settles SEC charges of favouring internal fund over client capital
BlueCrest Capital Management has agreed to pay $170 million to settle charges related to a fund that managed internal capital

Europcar triggers first credit event in Crossover series 34
Europcar Mobility Group has triggered a failure to pay credit event, the Emea Determinations Committee has ruled

Index sell off hits at start of busy week for primary
Credit is stumbling into the week, with a widening of index spreads that noticeably underperforms stock markets

LCH starts clearing US credit index options
LCH, the central clearing house of the London Stock Exchange Group, has expanded its CDSClear service to clear US credit index options

No auction needed for Zambia CDS, says DC
Investors will have to physically settle Republic of Zambia CDS as there are not enough contracts outstanding to merit a credit event auction, the Emea Determinations Committee has ruled

ECB stimulus hopes bolster high yield outperformance
Spread compression has picked up again, with European high yield taking the lead as expectations mount for another round of European Central Bank stimulus at its meeting next week

High yield resumes compression as IG seeks direction
High yield companies are once again among the best performers today as compression resumes with the investment grade credit market, despite an absence of compelling signals from stock indices or oil prices

Europcar posed as failure to pay credit event
Europcar Mobility Group has been proposed to the Emea Determinations Committee as a failure to pay credit event, following the French vehicle hire firm's announcement of a financial restructuring

Wide-end names gain ground as market hits impasse
Financial markets appear to have a hit resistance points in several asset classes today, with credit, stocks and oil prices struggling to find traction despite encouraging signals from the UK on rolling out the Pfizer/BioNTech covid vaccine