Europe/US high yield gap re-opens with roll, but raises fair value questions
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated

Seaport hires veteran for European loan trading push
Seaport Global, an investment bank focused on capital markets, has hired a leveraged finance veteran as a managing director in Emea loans trading

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Pizza Express auction date set with two bonds on initial list
Pizza Express 2014-version CDS contracts will be settled at auction on 1 October, following the UK food retailer’s triggering of a failure-to-pay credit event this month

Banks regain composure to lead rallying charge
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter

Europcar slumps closer to default pricing in bonds and CDS
Europcar, the French car hire firm, is heading fast towards recovery-only levels with CDS and bond prices reflecting deeper distress

Credit retreats from tights as central banks offer reality check
European credit is following Asia wider today, picking up from where the US left off yesterday as the Federal Reserve vowed to keep overnight rates near zero for the coming years

Crossover dips below 300bp as retailers leave the basket
The removal of defaulting constituents Hema  and Matalan from iTraxx Crossover has helped take the index to its tightest prints since the start of the coronavirus sell-off

Matalan auction initial bids point to lower than expected CDS pay out
Early bidding in a credit event auction today to settle CDS referencing UK retailer Matalan indicates the final result will be higher than predicted by recent five-year quotes but roughly in line with modelled recoveries

Noble and Hema produce disparate pay outs for CDS
This week has brought the high and lows of CDS settlement, with Noble Corporation bestowing an ultra low high pay-out for protection buyers after Hema protection sellers suffered less of a hit than was modelled by assumed recoveries

Pizza Express triggers failure-to-pay credit event
Pizza Express has triggered a failure-to-pay credit event, the Emea Determinations Committee has ruled

Europcar restructuring plans send bonds and CDS into skid
Europcar Mobility Group's bonds have plummeted and CDS referencing them have gapped wider after the French car hire firm said it will open talks with creditors about a debt restructuring

Pizza Express serves up credit event question after very long wait
Pizza Express has been proposed as a failure-to-pay credit event to the Emea Determinations Committee, following the UK food retailer's decision not to make interest payments on bonds

Credit event auctions mount as European resistance breaks
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Hema and Matalan deliverable lists outline payouts for CDS
Only one bond looks to be deliverable into a credit event auction to settle Hema CDS contracts, while two notes will be deliverable into Matalan CDS contracts

Ensco CDS leap wider on credit event trigger
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event

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

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

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

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

CLO funds top rankings, but still have ground to make up
CLOs may have taken a hammering in March but, for the fourth consecutive month, funds that invest in these assets dominate our ranking of the top performing credit funds

Hema and Matalan auctions set as DC ponders Ensco credit event
Dates have been set for credit event auctions to settle two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years

Push tighter takes credit indices back to pre-March levels
Credit markets are hitting new tights this week, with European spreads today following the example set by the US on Monday

Valaris and Ensco posed to DC as bankruptcy credit events
Valaris and its subsidiary Ensco International Incorporated have been proposed to the Americas Determinations Committee as bankruptcy credit events after the group filed for chapter 11 protection in August