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

Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

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

LCH signs up first Italian member to CDSClear
Banca IMI, the investment bank of Intesa Sanpaolo, has signed up as the first Italian member of CDSClear at LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group

Deutsche and Commerzbank CDS provisions amended as German protocol hits delay
The Determinations Committee has amended its statement on the seniority of Deutsche Bank and Commerzbank obligations following a delay to implementation of a German bank CDS protocol

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

Esma amends recognitions for UK CCPs in event of no-deal Brexit
The European Securities and Markets Authority (Esma) will continue to recognise three UK-based central counterparties (CCPs) and the UK Central Securities Depository (CSD) in the event of a no-deal Brexit on 12 April

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

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

Triple B fightback has begun, says BNP Paribas
Fallen angel risk – the possibility that a wave of triple B credits could be cut by rating agencies to sub-investment grade – should begin to decline, according to strategists at BNP Paribas

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

Steinhoff Europe failure-to-pay credit event question posed to DC
The EMEA Determinations Committee has been asked to rule on whether Steinhoff Europe has triggered a failure-to-pay credit event, following the retailer’s lock-up period request

Short resets take CDS indices wider at March roll
CDX and iTraxx credit derivative indices are rolling into new series today, with short position resets taking the incoming series 31 of the Europe main index wide of where series 30 closed yesterday

Challenge rejected on cheapest-to-deliver bonds for Windstream CDS auction
The Americas Credit Derivatives Determinations Committee has unanimously rejected a challenge by a market participant against allowing some of the cheapest Windstream bonds to be delivered into an auction to settle CDS referencing the company

Windstream CDS auction delayed by two weeks
An auction to settle CDS referencing Windstream Holdings has been postponed by two weeks, after dealers on the Americas Credit Derivatives Determinations Committee agreed the process needed more time