Investment grade rallies hard on hopes of end to US deadlock
In a change from the recent trend investment grade credit is the front mover today, playing catch up on high yield as the market-wide rally gathers pace

European high yield stays positive as rest of market hits resistance point
Credit markets are taking a cautious step back following the recent rally, with only European high yield spreads still exploring their best prints of the week 

Covid toll puts reality check on market rally
Credit markets look to have hit a point of resistance, with spreads retracing today amid a rising likelihood of stricter covid-19 measures be applied in places such as New York, Tokyo and Madrid

No CDS auction for Scandinavian Airlines 'soft' credit event, rules DC
A credit event auction will not take place for Scandinavian Airlines System Denmark–Norway–Sweden CDS contracts, despite the company triggered a restructuring credit event last month, the EMEA Determinations Committee has ruled

Compression gains mount as Moderna vaccine result boosts confidence
Compression trades are paying off today, with a new covid-19 vaccine announcement prompting a broad tightening of credit spreads in which high yield corporate indices lead the charge and financial names are outperforming investment grade corporate borrowers

Compression and curves in play amid second day of vaccine rally
Credit spreads are converging as they edge tighter again today, following their forceful improvement to pre-covid levels yesterday due to a successful covid-19 vaccine test

Primary pumped as Trump gazumped and vaccine hopes jump
A 'yuge' rally is underway in credit markets today, with optimism over Joe Biden's apparent victory in the US presidential election turning to elation following a big covid-19 vaccine breakthrough

Fund performance: Structured finance finds its footing with credit rally
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings

Ucits at a glance: European funds and CLOs head rankings
Ucits fund returns

Credit funds at a glance (November 2020)
A round-up of fundraising and people moves

Credit hedge funds (November 2020)
Monthly credit hedge fund tables

Credit fundraising: Dubai manager gets in on the act as direct lending takes off
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds

Scandinavian Airlines System triggers restructuring credit event
Scandinavian Airlines System Denmark–Norway–Sweden has triggered a restructuring credit event as a result of its recent recapitalisation, the Emea Determinations Committee has ruled

Scandinavian Airlines System posed as restructuring credit event
The Emea Determinations Committee has accepted a request to rule on whether Scandinavian Airlines System Denmark–Norway–Sweden has triggered a restructuring credit event as a result of its recent recapitalisation

Rally puts credit back on even footing but single name volatility persists
A sizeable rally today is putting credit indices back on a flattish footing with where they began the week, adding to the sense the market is finely poised with only six trading days to go before the US presidential election

Garfunkelux gaps in as refi points to CDS orphaning
Garfunkelux Holdco 2, the CDS trading entity of debt collector Lowell, is leading today's drive tighter as the company's planned refinancing raised the prospect of contracts becoming orphaned

Selecta CDS settles with final price above bonds
Selecta Group CDS contracts have settled at a final price higher than where bonds were trading and above the credit event auction's initial market midpoint

Selecta auction on course for mid-range CDS recovery
Selecta Group CDS contracts look set to generate a pay-out for protection buyers about midway in their range the months running up to today's credit event auction

Credit Rendezvous: sometimes you have to dive deep to find value
Some parts of the credit market are fraught with danger, but that does not mean portfolio managers are avoiding them entirely, according to the Credit Rendezvous, Creditflux's 10-page quarterly report eaturing comments from 15 credit experts

High yield shorts and basis trades abound as borrowers race to issue
Discrepancies between high yield bonds and CDS could be a rich mine of activity in the coming months, say investors, with volatility set to rise while defaults and late cycle signals avail trading opportunities

Selecta CDS auction date set with revised deliverables process
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32

IG tranches look 'boring' after distressed names ejected at roll
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers.

Credit hedge funds (October 2020)
Monthly credit hedge fund tables