Crossover sell-off risks heightened after Brexit vote, says BNP Paribas
The risk of a bearish pullback in European crossover credits has increased as a result of yesterday’s UK parliament vote against Prime Minister Theresa May’s Brexit approach, according to a BNP Paribas trading note

Behave yourselves: EBA policy advisor warns against misuse of securitisation rules
The European securitisation market has come a long way over the last decade, and the message from one policy advisor is clear – don’t do anything to mess it up.

Former BlackRock portfolio manager lands at start-up credit firm Tresidor
Tresidor Investment Management – the new credit manager led by BlackRock’s former head of European credit Michael Phelps and ex-Goldman Sachs synthetic CDO head Edgar Senior – has added a credit portfolio manager to its team ahead of its maiden fund launch

You can’t time everything 100% correctly, but being too early can be a mistake
ArrowMark's Kaelyn Abrell takes our credit quiz

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

They said it: "I enjoy problem-solving and puzzles"
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager

First Data takeover foreshadows inflows for CLOs that hold the debt
CLO managers that hold portions of First Data Corporation’s $11.5 billion syndicated term debt could find themselves with lots of cash to redeploy later this year if Fiserv completes its acquisition of the financial services company

JP Morgan makes big hire to its global credit trading desk
An experienced banker who has covered CLOs, CSOs, loan TRS and credit derivatives, has joined JP Morgan after leaving BNP Paribas 

Muzinich poaches Neuberger Berman MD for top fund distribution role
Muzinich has hired a global head of distribution, according to an announcement today, picking up the role previously held by Joshua Hughes, who left for CIFC Asset Management in May

Former London Stock Exchange CEO joins CQS
CQS has moved into 2019 under a new leadership structure with Xavier Rolet being appointed chief executive officer.

I liked it when banks could hold risk and actually had inventory to shift
Louis Gargour, CIO of LNG Capital, takes our credit quiz

Derivatives market jumps forward on Ibor fallbacks
The derivatives market has moved closer to a consensus on how to replace interbank offered rates (Ibors) in contracts, with the International Swaps and Derivatives Association (Isda) finding that most market participants favour a retrospective rather than forward-looking approach for benchmark fallbacks

Sears CDS battle heats up as DC challenged to change auction rules
A high profile battle over Sears Roebuck Acceptance Corp credit default swaps has taken a new turn, with one market participant challenging the Americas Determinations Committee to change its rules to avert price manipulation by another market participant in the bankrupt retailer's credit event auction

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

Cairn sheds light on single-investment SRT fund
Fresh details have emerged on Cairn Capital’s new significant risk transfer (SRT) funds with the manager informing Creditflux that Pathfinder Fund III was structured such with US requirements in mind

BNP Paribas Asset Management hires multi-strategy products head
BNP Paribas Asset Management has created a new position within its fixed income division

Cairn adds two SRT funds to its roster
Cairn Capital has raised $150 million across two significant risk transfer (SRT) funds - with differing mandates - according to an announcement by the firm

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Cairn launches multi-strat fund with SRT investments in mind
Cairn Capital’s significant risk transfer (SRT) business is evolving with the firm launching a multi-strategy fund to invest in these assets

Credit sell-off has room to run and pricing is out of whack, says BNP Paribas
The credit market sell-off could have further to go despite recent widening and is “in the process of a late-stage business cycle unwind”, according to a strategist note seen by Creditflux

Spanish €2.3 billion SRT referencing project finance loans suffers downgrade
A junior debt tranche in a €2.3 billion significant risk transfer originated by Banco Santander has suffered a downgrade less than a year after its launch

Ex-Citi CDO trading chief joins Jefferies as head of European fixed income
Jefferies has appointed a former Citi European credit and pre-crisis CDO trading head to lead its European fixed income business

Points up front: Creditflux makes significant SRT call
They were once referred to as regulatory capital relief trades (or reg-cap trades), but now no one can agree on what to call them