Investors opt for debt as alternative to secondary sales to generate liquidity
Investors are increasingly seeking financing as an alternative to selling their fund stakes on the secondaries market

LP secondaries sales can create risk to subscription lines – Fitch
However, a diversified limited partner base and lower advance rates for more concentrated funds can help mitigate losses, a report says

Defined benefit plans shift focus to private credit, secondaries - NEPC
Some corporate defined benefit plans are shifting their private market allocation to favor shorter-duration strategies as part of a de-risking plan

Generali Investments, Partners team up on private credit secondaries fund
Generali Investments’ debut private credit secondaries fund will invest globally and is available to professional investors

Golub launches direct lending continuation vehicle
GP-led secondaries deals involve a manager rolling existing investments into a new vehicle rather than returning capital to investors as originally planned

Pantheon raises USD 5.2bn for senior debt secondaries
The latest fund, Pantheon Senior Debt III, was oversubscribed as interest from the insurance channel grows

Partners Group launches dedicated private credit secondaries effort
EXCLUSIVE: The firm already has experience in private equity secondaries, infrastructure secondaries and real estate secondaries

Private credit firms begin creating desks for push into secondary trading
A number of private credit firms are looking to push into secondary loan trading, a signal that the USD 1.7 trillion asset class is perhaps beginning to mature and resemble other fixed income markets.

Jefferies ramps up private credit trading
Jefferies is building out its trading of private credit loans, joining a rush of banks and managers developing a new secondary market for the product

Apollo eyes IG private debt trading
Apollo Global Management is looking to create a trading desk for investment grade private debt

Antares plans unit buying private credit loans from other lenders
Antares eyes buidling out a private credit secondary business to buy loans from other lenders

European and Asian surge extends as inflation and gas improvements fuel rally
US credit remains the laggard as spreads elsewhere extend their strong start to the year, taking European and Asian indices back to the recent tight levels

Brighter start for credit in 2023 as investors return with bid for risk
Credit markets have opened the year on a positive footing, with Europe particularly buoyant as investors lift CDS hedges they placed at the end of 2022 and some bonds receive enthusiastic bids in the secondary market

Largarde snowballs puncture complacent calm and shocks spreads wider
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging

Credit belatedly gives up gains after flurry of central bank hikes
Credit markets barely flickered on Wednesday’s US Federal Reserve announcements, but successive central bank rate hikes on Thursday have caused spreads to widen as traders prepare for the festive season slowdown

CDS volume jumps by 50% as investors seek new ways to do business
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product

Early Christmas for credit longs as US inflation delivers huge rally
Credit markets have rallied sharply after the latest US reading of inflation came in lower than had been largely anticipated

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Buy-out rumours send US high yield company back to January spread levels
Not many single name credits are ending 2022 at the same spread levels they entered the year, but one US high yield company has that profile after its rally of the past three weeks picked up speed following buy-out rumours

Capex and real yields will split winners from losers in '23: BofA
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists

Credit and commodities diverge after China abandons zero-covid approach
Markets present a mixed picture at the start of the week, with Europe – still processing Friday’s US jobs numbers – opening cautiously after China’s retreat from strict zero-covid policies boosts commodity prices but raises fears of an infection wave

Rebuke for optimism as US jobs send market bulls running for cover
Investors’ determination to maintain an optimistic outlook on US Federal Reserve policy hit a point of reckoning on Friday, with hot US jobs numbers adding weight to committee members’ message that there is still a lot more work for them to do

Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone

Credit Suisse spreads hit year's new wides
Protection buying against a Credit Suisse default has taken the bank’s five-year CDS to the widest levels of the year, with the front end of the curve increasingly inverted

Europe regains momentum versus US despite bank concerns
European outperformance is extending this week, taking investment grade and high yield spreads alike to their tightest prints since June relative to their US peers. But Credit Suisse remains a blot on Europe’s record as the bank’s short term risk levels continue a worrying trend