Turkey stuffs investors with surprise rate cut
Turkey’s rollercoaster ride in debt markets is on another upswing to vertiginous spread levels, with the country having shocked participants with a counterintuitive rate cut

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Credit catches brief reprieve after Fed takes spreads back to pain points
Credit markets are taking a pause from their bearish move, during which European indices once again passed key levels and investors tried to assess the implications of the US Federal Reserve’s July meeting minutes

Credit structuring head lands at Deutsche Bank in expanded role
Deutsche Bank has hired former Credit Suisse global credit structuring head Paul Bajer in a broader remit as global co-head of cross asset structuring

US resumes widening push with Fed in focus
The US credit market is opening on Wednesday with a further push wider in spreads, as traders look to protect their gains from the recent rally

Spreads gap wider with UK inflation adding to cocktail of concerns
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Euro credit woes vs US set to resume with cyclicals shock likely: JP Morgan
Further decoupling lies ahead between euro and dollar credit, despite the recent positioning squeeze, warn JP Morgan credit strategists

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments

Ukraine posed as credit event after country defers debt
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments

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