Soft mood music abruptly dashed as Fed and BoE rile markets
The credit market’s strong run of improvement has come to an end this week, with the US Federal Reserve and Bank of England delivering a reality check to hopes of a more dovish path forward on interest rates

Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform

CQS returns to Euro market with first new CLO since 2015
CQS has priced its first European CLO in seven and a half years, opting for a short reinvestment and non-call period

Creditflux CLO Census results: JP Morgan claims clean sweep of US CLO arranging categories
Following the close of this year’s census, JP Morgan was a quadruple winners in the US, with results declaring it the best at syndicating, structuring and providing both the best access to loans and the best warehouse service

UK credit spreads rally for Rishi
UK credit spreads have rallied sharply on Monday with the victory of Rishi Sunak in the contest to become the country’s third prime minister of the year

BNP Paribas and LFIS join forces on QIS fund
BNP Paribas’ quantitative investment strategies unit has partnered with LFIS Capital for a market neutral fund

Deutsche hires credit strategy head from rival bank
Deutsche Bank has hired a new head to oversee European and US credit strategy

Europe welcomes four new CLOs in a day after nothing for one month
No issuance to speak of in a month, and then four CLOs come along at once 

US-led sell off shifts index roll technicals with key rates decisions looming
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run

Four Euro CLOs emerge with target pricings as early as tomorrow
According to the latest marketing blasts, WhiteStar is targeting pricing tomorrow, Palmer Square and Cross Ocean are aiming for ‘as early as’ tomorrow and Five Arrows will aim for early-to-mid next week

Euro CLO league tables: Goldman Sachs, Fidelity and Tikehau enter fray as Jefferies extends lead
Four European CLO managers braved the market in August to price a new issues, the same number as August 2021

Spreads gap wider with UK inflation adding to cocktail of concerns
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday

BNP Paribas splits European secondary ABS and CLO leadership as it hires from rival
BNP Paribas has hired an experienced ABS trader, while promoting its senior CLO trader to a leadership role 

Tikehau adds to triple-A discovery with first European CLO of year
Tikehau Capital on Tuesday night priced its first European CLO transaction of the year, via BNP Paribas

Relief rally extends despite US and EU sending mixed signals on recession
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession

Blackstone prints Euro CLO triple As at tight 170bp
Blackstone priced its latest European CLO yesterday with triple As pricing at least 50bp tighter than current market levels

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

Euro double As and US triple As offer best value in CLOs: BNP Paribas
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists

Points up front: Who is going into the Creditflux interview room?
The Creditflux CLO Symposium brought together 620 market participants from across the globe, and they had one question on their lips: what’s going on in the Creditflux interview room?

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Wide yields mean high times again for corporate hybrids
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

European CLO trading head leaves BNP for new credit fund manager
An experienced European structured credit trader is joining a recently launched long-short credit fund manager 

Euro CLO league tables: PGIM and Jefferies lead as Euribor caps come back in fashion
April was the quietest month of the year in the European CLO market with only €2 billion pricing across four new issues and one reset

Macro drivers set to give lift to CDS tranche trading
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far

European CLO managers aim for bigger bond bucket fix
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches