Credit funds at a glance
A round-up of fundraising and people moves in credit

The Last Tranche: managed CSOs and the benefit of CLO Euribor floors [podcast]
Managed CSOs are the talk of the town in the synthetic structured credit market, while CLO investors in Europe are putting a price on how much they value CLO Euribor floors  

Axiom makes big name correlation hire for credit opportunity fund
Axiom Alternative Investments has boosted its platform with the hire of synthetic credit veteran as a portfolio manager

If you can stomach volatility, CLO equity is very attractive

Ucits at a glance
A round-up of ucits fund performance

‘Ex’ index trades take off as dispersion peaks
A gap is yawning between how the weakest constituents of CDX HY and iTraxx Crossover trade versus their broader portfolios, leading investors to find new ways to hedge and capture idiosyncratic risk.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance
A round-up of fund performance

Buy iTraxx Europe equity tranche risk but sell Crossover mezz, says JP Morgan
Investors should stick with ‘search for yield’ ideas in investment grade credit, say JP Morgan credit strategists, including selling iTraxx Europe 0-3% equity tranches delta hedged, going long the 10-year Europe index, and selling credit volatility through index options while buying equity market volatility

Fund performance: Mercury rises as does credit fund performance

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

Santander issues SRT referencing Spanish SME loans
Banco Santander has issued a significant risk transfer referencing a €3 billion portfolio of loans

CLO investors should be looking at CSOs

Investments in CSOs can be more fruitful than in CLOs

They said it: "I saw a CLO OM which ran 484 pages"
At Creditflux’s Credit Dimensions event, JP Morgan’s Zaheen Mir argues that CSOs are simpler to understand than CLOs

Arrival of five-year bespokes draws in CLO investors
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.

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 

Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

Fund performance
A round-up of fund performance

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

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

Mizuho appoints Cairn co-CIO as global markets head in London
The announcement follows the departure of the bank's incumbent head of global markets