Europe/US credit gap extends as coronavirus curves part ways
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US

Credit event hits new CDX HY as Crossover name's default risk surges
Whiting Petroleum has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled, making it the first constituent default in newly on-the-run series 34 of the CDX HY index

Jump-to-default risk collapses after Senate backs biggest ever US relief package
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves

Credit market hits new wides as government outbreak measures intensify
Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak

Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

Credit traders’ kickstand: roll nightmares haunt CDS market as indices whiplash
It’s Friday 13^th, but CDS traders will be hoping the worst of the horror shows are behind them as they try to regather their shredded nerves in time for next week’s biannual index rolls

Credit breakdown as one-day volatility outstrips financial crisis
Credit default swap markets have surpassed the record one-day volatility of the global financial crisis, with indices surging to new wide prints as the spiralling impact of the coronavirus outbreak brings government lockdowns on travel while wreaking havoc on oil prices and supply chains

Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off.

Bayside targets $1.25 billion for special situations fund
HIG Bayside is targeting $1.25 billion for its latest special situations fund, HIG Bayside Loan Opportunity Fund VI, according to US regulatory filings filed on Monday

Sacramento pension earmarks $150 million for private credit in 2020
The pension fund expects to commit to two direct lending funds and one credit fund it describes as 'opportunistic'

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Pimco plans to outperform come rain or shine with $4.5bn all-weather fund
Pimco has become the latest manager to fashion a flexible, all weather credit fund that invests across public and private markets, geographies and capital structures. The Newport Beach-based manager is hoping to raise $3 billion for the strategy. With half a turn of leverage, it could have up to $4.5 billion to deploy.

Private credit funds could find better buying opportunities this year, says NEPC
Institutional investors looking to allocate to private credit in 2020 should focus on distressed debt, opportunistic credit and niche lending, according to investment consultant NEPC, with 2019 vintage funds potentially seeing “better buying opportunities” despite valuations being at cyclical highs

Credit event protocol goes into force with 60 extra sign-ups
The International Swaps & Derivatives Association is going live today with a protocol aimed at stamping out narrowly tailored credit events from the CDS market, having signed up 1,358 entities

BC Partners seeks $1 billion close for special opportunities fund
BC Partners Advisors is targeting a $1 billion close for its recently launched special opportunities fund, according to documents seen by Creditflux.  

Portfolio Advisors hits first close as it targets $1.5 billion for secondaries fund
Private markets specialist Portfolio Advisors has completed a first close on its latest secondaries fund at the end of December 2019, having raised between $600m to $700m, a source told Creditflux  

Värde launches $2.5 billion global credit fund
Värde Partners has raised $2.47 billion for a new global credit fund, according to an announcement today

JP Morgan AM moves CFO to head up private credit
The chief financial officer of JP Morgan Asset Management has switched to a newly created role as head of private credit

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Pantheon appoints ex-Star Mountain official as head of global private debt
Pantheon has appointed a former Star Mountain Capital official as partner and global head of private debt in New York 

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

45% of insurers look to increase private debt allocations, finds Natixis IM survey
Private debt allocations are expected to grow for 45% of insurers over the next three years, according to a recent survey by Natixis Investment Management. But regulation and internal restrictions are the biggest challenges to greater adoption of private markets allocation

Minnesota pension to invest $300 million in distressed and private credit funds
Minnesota State Board of Investments is set to invest $100 million in a mezzanine debt fund and $200 million in a distressed debt fund