New EC fund rules could lead to ‘pre-pre-marketing’
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Net short language could force lenders to sell at a loss
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.

Fund performance: Mercury rises as does credit fund performance

Upward flexes, CLOs gather speed and 'net-short' language develops [podcast]
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.    

Dutch development bank creates ESG and impact standing committee
The Netherlands Development Finance Company (FMO) has created a standing committee for impact and environmental, social and governance investing

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

NatWest brings in Nomura's head of credit trading in New York
NatWest Markets has announced the appointment of Michael Papa as head of its US investment grade credit trading and credit strategy.

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

Senior figure rejoins Credit Suisse to head European capital markets
The bank is looking to build out its key European platforms - and has hired an official who left just last summer 

Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations

Deutsche Bank hires emerging market credit trader
Deutsche Bank has added to its credit team in London by hiring a trader of emerging market cash debt and CDS

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

DC accepts New Look failure-to-pay credit event question
The Europe, Middle East and Africa Determinations Committee has accepted a request to rule on whether New Look has triggered a failure-to-pay credit event

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.

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

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

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

Regulation stifles SRTs, but banks and investors revel in quarter-four outperformance
Over the course of 2018 there was roughly €6.5 billion of issuance in the market for significant risk transfer (SRT) deals, sources say, with the last three months understood to be the busiest quarter on record

Demonised triple Bs could outshine angelic neighbours
There has been a stampede to denounce triple B corporate credit, but investors ditching this rating band may not only miss solid returns but find bigger problems up the spectrum, investors and analysts tell Creditflux.

Windstream set for high CDS pay-out as DC picks initial deliverable obligations
Windstream Holdings CDS protection holders look set for a high pay-out, as the cheapest deliverable obligations into the defaulted company’s credit event auction are quoted in the mid-20s