Publishing boost for French firm but China sours wider market
Lagardere is a notable positive outlier in another off day for the credit market, after China turmoil rocked stocks and sent spreads wider

Global CLO trading lab: Equity supply spikes as investors go long
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Credit grind pushes back volatility bets
With recent weeks having all-but crushed volatility from the market, uncertainty about the timing of future risk triggers is leading credit options traders to spurn traditional horizons to focus on longer-dated expiries

Credit slumbers in departure lounge as airline equities take off
Credit and equity markets have been in a balancing act on Tuesday between the positive and negative implications of surging oil prices and Germany opting to relax travel restrictions

Chicken supplier takes courage from earnings improvement
Boparan, one of the riskiest companies in the European high yield credit market, is among the biggest movers in bonds and CDS on Wednesday, as the market resumes its rally to the tightest prints of the year

Triple Bs in the firing line as Fed turns hawkish, says BofA
Triple B and long duration credit are likely to be casualties of tightening central bank policy, Bank of America strategists have warned. But high yield and cyclical investment grade sectors could fare better

Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply

No labels mean CLO triple As refuse to budge as mezz rallies
Senior European CLO spreads are stuck in the mid 80s as mezzanine tranches rally, with market participants bemoaning the lack of depth in the triple A investor base relative to ABS products

Past returns: Having a whale of a time in tranches
In Creditflux 10 years ago we reported on JP Morgan’s “little known prop book” making waves in index tranches

Credit grind makes it five days out of five in bullish week
Credit markets are heading into the weekend on a fifth straight day of improving spreads, amid signs of returning economic confidence and appetite to invest in the asset class

French equipment rental firm gets big lift on Q1 results
Loxam, one of the widest trading names in the iTraxx Crossover universe, is leading index constituent tighteners on Wednesday after posting first quarter results showing improvement in revenue and ebidta

Financials and high yield outperform as rally gathers momentum
Credit spreads are enjoying a second day of improvement to regain some of the ground they lost last week, with Italian banks, commodity traders and higher yielding borrowers among outperformers in a broad rally of both indices and single name borrowers

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

BNP Paribas hires senior European CLO trader from asset manager
BNP Paribas has expanded its CLO trading team 

BofA and State Street divided over CLO convertibles
A split has emerged in the approach between the two big buyers of triple A-rated CLO tranches that are structured as loans

Record-breaking Apollo and Blackstone European CLOs make first distributions
Two 2020 CLOs managed by Blackstone Credit and Redding Ridge (Apollo) that set equity cover records in the secondary CLO market earlier this year have made their first payments

Saipem moves sharply on Mozambique moans
Saipem, the Italian energy engineering group, was a big underperformer in a flattish credit market on Wednesday, as uncertainty over a project in Mozambique weighed on first quarter results and its outlook for the year

Global CLO trading lab: secondary volumes inflate and easily get absorbed
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice

French foodco CDS jumps on bond offering
Picard, the French frozen foods company, is a big underperformer in credit markets on Monday, as it limbered up to bring a triple-tranche bond deal

Morgan Stanley hires European CLO trader from buy side
Morgan Stanley has added to its European CLO trading team, bringing in an official who previously worked at a CLO fund manager

BofA and Citi unveil multi-dealer platform for CLOs and loans
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics

Travel company CDS soars wider as bond issue converts to concern
TUI, the Anglo-German travel operator, is under pressure in credit and equity markets just it has launched an offering of convertible bonds

CLO managers eye bonds as short-dated loan universe shrinks
European CLO managers that focus on bonds say they had flexibility in the first quarter as the new issue loan pipeline ramped up

Single names make big gains as indices dither
Single name CDS in the US and Europe have strongly outperformed from the start of the week, rallying sharply and across most of the credit universe despite direcctionless trading for indices