Top macro credit PM will fly solo with fund launch
A new credit investment firm could soon be in the offing, following the departure of Alberto Gallo from Algebris Investments in April, suggest market sources

Phase 6 of uncleared margin rules drives CDS clearing volumes
2022 is shaping up to be a bumper year for CDS clearing activity, not only due to increased trading of the asset class, but a confluence of other factors, such as regulations, product expansion and wider geographical reach

Points up front: "It’s all me, me, me"
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists.

Russia auction prep on pause after last minute scramble
The Credit Derivatives Determinations Committee has put on pause its preparation for a credit event auction to settle Russian Federation CDS, amid reports the country has made good on sovereign debt payments right at the wire

Russia looks to avoid default as deliverable list points to 27-cent recovery
The Credit Derivatives Determinations Committee has published a preliminary list of bonds it deems deliverable into Russian Federation CDS contracts, even though reports suggest Russia may have avoided default with just one day left on the country's grace period for overdue international bond payments

SEC's CDS proposals could impede market rather than help it: Barclays
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday

JP Morgan splits global head of institutional structuring role as it promotes three
JP Morgan has rejigged part of its credit structuring business with a set of promotions for officials who have covered SRTs, CLOs and CSOs as part of cross-asset roles

Earnings wait puts German firm’s investors in real state
The credit market’s brief relief rally on Thursday morning has given way to a resumption of the bearish run, with one European high yield borrower entering dangerous territory and Tesla coming under pressure in US credit after its share price took a hit

Prep work begins for Russia credit event auction
The Credit Derivatives Determinations Committee has started preparing for a credit event auction to settle CDS referencing the Russian Federation, which stands on the brink of triggering sovereign contracts

Tech and supply chain concerns take credit back to year's wides
A cocktail of bearish signals has taken credit markets back to their widest levels since March, with Tuesday's sell off spilling over into the Wednesday session

German property co hits new wides as investors scrutinise investigation report
The bearish momentum that gripped financial markets on Friday has spilled over the weekend into Monday's session, with an especially big move in the debt of one German real estate borrower taking it to worrisome spread levels

Big swing for high yield property co as bears make new push
Credit trading has turned decidedly bearish again as the weekend approaches, with investors bracing for a host of market-impacting developments. This has brought a particularly volatile reversal in performance for one European high yield borrower

US high yield outperforms as credit adds to rally
French equipment rental company Loxam is among the biggest movers as credit markets rally for a second day, but US high yield is having the better week

Potential failure to pay has occurred on Russian CDS, says Determinations Committee
The Russian Federation is moving closer to triggering a credit event on foreign debt, with the Credit Derivatives Determinations Committee having ruled a potential failure to pay has occurred

Heavy mood greets Europe’s return as earnings and rates policy weigh
The European market on its return after the long weekend is greeted with another sizeable push wider in spreads, with focus on US Federal reserve policy, this week’s round of corporate earnings and the prospect of US 10-year inflation linked bond yields turning positive for the first time in two years

Credit rally revives as investors scour ECB for Easter eggs
Credit spreads are taking a turn for the tighter on latest European Central Banks statements, at the end of a short week characterised by flatter index trading but persistent single name volatility

RusRail no-auction vote means CDS holders must track down bonds
Russian Railways CDS contracts will not be settled via auction despite the borrower having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

Credit hedge funds (April 2022)
Credit hedge fund returns

Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

Credit investors eye synthetic tranches as dispersion rises
Dispersion is increasingly important to the credit market — and it is incentivising some CLO investors to add synthetic products to their toolkits

Credit indices show central bank-led swing potential
Macro credit trading in March was overwhelmingly about the consequences of Russia’s invasion of Ukraine, but the pendulum is swinging back to central bank policy

That’s another fine mezz I’d like to get into
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year

"The loan market is the septic tank for sub-single B LBO financing"
Portfolios of single name IG CDS are less complex and more liquid than CLOs

DC meets to consider next steps on Russia and RusRail CDS
The Emea Determinations Committee is meeting today, having accepted a request to rule on whether a potential failure to pay has occurred on Russian Federation CDS contracts