Investors increasingly see ESG as fiduciary duty, State Street survey reveals
North American investors are most likely to view ESG as a fiduciary duty, while European investors are driven by regulation, performance and reputational risk, according to results from a survey conducted by State Street Global Advisors

Deadline just hours away for CDS users to sign Isda protocol
Midday New York time is the cut-off for market participants to sign up to the International Swaps & Derivatives Association’s protocol aimed at stamping out narrowly tailored credit events from CDS

Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective.

ESG integration is part of fiduciary duty, finds UNPRI
The United Nations Principles for Responsible Investment (UNPRI) report ‘Fiduciary Duty in the 21st Century’, published late last month, concludes that ESG is a source of investment value, ending debate that using ESG criteria might violate fiduciary duties.

Corporate credit performance expected to catch up with financial borrowers as European quantitative easing begins
The return of European Central Bank quantitative easing on 30 October portends a catch up this month of corporate credit performance with other parts of the market, such as financial borrowers, say strategists.

Over 1,200 sign up to CDS protocol
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).

Credit traders' kickstand: QE and dispersion sever 'haves' from 'have nots'
The underperformance of European high yield credit has picked up this week, on rising concerns about dispersion in funding access

Thomas Cook CDS settles with higher than expected recovery
CDS referencing Thomas Cook Group settled with a final price of 10.125 cents at yesterday's credit event auction, making the high pay-outs to protection buyers still less profitable for them than had been expected

Thomas Cook CDS auction sets initial midpoint at nine cents
An auction to settle CDS referencing Thomas Cook Group has derived an initial market midpoint of 9.125 cents, implying protection buyers will receive a pay-out on contracts in the region of 89 cents

CDS traders get second extension on narrowly tailored credit event protocol
The International Swaps & Derivatives Association has extended for a second time the deadline for market participants to adhere to a protocol aimed at stamping out narrowly tailored credit events from the CDS market

Traders face Monday deadline for manufactured credit event protocol
Interested parties have until Monday to sign up to a protocol aimed at stamping out narrowly tailored credit events from the CDS market, with the International Swaps & Derivatives Association having given extensions on the original deadline

Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction

Credit traders’ kickstand: UK vote brings profit-taking and corporate catch up
Profit-taking has reversed some of the previous outperformance of European financial credits ahead of Saturday’s crunch UK parliament vote on the latest Brexit agreement with the European Union, but UK names continue to trade bullishly as trader concerns about the chances of a no-deal exit on 31 October recede

Credit traders expose themselves to Brexit bungle
Credit investors have set themselves up for disappointment, with UK related names leading another push tighter ahead of the culmination of talks between the UK and European Union aimed at reaching a last-gasp Brexit agreement

Credit CIO Finch leaves GLG
Simon Finch has parted ways with Man GLG, according to market sources, ending an 18-month stay at the firm where he served as chief investment officer for credit

Thomas Cook CDS auction set for two deliverables
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

Credit traders' kickstand: curves in focus as market overcomes mid-week wobble
Credit markets have had a more positive week overall than last, and that was given a couple of extra twists today by UK/European Union and US/China talks. But this masks weakness mid-week and, following a brief steepening of curves, improvement is mainly exhibited by financial sector names

Managers have leeway even after triggering key person event, finds Ropes & Gray
Almost all credit managers offer protection to investors that key employees will continue to manage the fund’s assets throughout its life, with 95% credit funds containing such "key person clauses". But that does not mean managers have their hands completely tied

Thomas Cook ruling puts 2014 format CDS contracts back in the money
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name

Credit traders' kickstand: trade troubles threaten volatility "sooner than you think"
Most of the credit market goes into the coming week in a more nervous mood than it began this week, with hopes for the resuming US-China trade talks tempered by the US’s opening of a new front with Europe on trade

Swiss wealth management specialist launches impact investing unit
Reyl Group has launched an impact investing asset management affiliate known as Asteria Investment Managers  

Boeing/Airbus dogfight widens spreads as WTO ruling exposes Europe's trade weaknesses
The World Trade Organisation’s go-ahead for the US to impose $7.5 billion of tariffs on imports from the EU has sent credit spreads sharply wider. And, according to latest credit research from Bank of America Merrill Lynch, it exposes Europe’s “Achilles heel”

Narrowly tailored event protocol set to go live in weeks
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.

Roll week leaves CDS in strange places
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times.