Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Ukraine auction settles CDS below expected recovery
An auction to settle sovereign CDS contracts referencing Ukraine produced a final price slightly below expectations, despite net buying demand for bonds to physically settle contracts

Ukraine auction looks set to avoid Russia-style bond squeeze
An auction to settle sovereign CDS contracts referencing Ukraine looks set to produce a final price much more in line with bond trading levels than the result earlier this month for Russian Federation contracts

Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction

Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Ukraine triggers restructuring credit event
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments

Ukraine posed as credit event after country defers debt
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments

Powerlong joins rising pile of Chinese real estate casualties
Powerlong Real Estate Holdings is the subject of a failure-to-pay credit even question – a potential trigger that would build the pile of Chinese real estate debt defaults the Determinations Committee has considered since December to six, with five this year

Credit hedge funds (August 2022)
Credit hedge fund returns  

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Russia CDS auction deliverables list takes shape after sanctions licence
Russian Federation bonds cleared by Euroclear may be the only deliverable obligations to settle sovereign CDS contracts referencing the country, the Emea Determinations Committee has said, although it is also considering Clearstream listed bonds as it moves forward with preparations for a credit event auction

Russia CDS settlement receives boost from US sanctions update
The long wait to settle CDS contracts referencing the Russia Federation could soon be over, with previous uncertainty over how US sanctions would impact a credit event auction apparently having been addressed

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Credit hedge funds (July 2022)
Credit hedge fund returns

Shimao credit event auction not needed, rules DC
Holders of CDS protection on Shimao Group Holdings will have to physically settle contracts

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Chinese property industry suffers fourth credit event of year
Shimao Group Holdings has triggered a failure-to-pay credit event, making it the fourth Chinese property firm this year to do so