Fund perfomance: Slowdown for some as pandemic takes hold

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

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

Dispersion tests hedge fund managers

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.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Ucits at a glance: Ucits start year on high note
A round-up of ucits fund performance

Credit reels back to January 2019 levels as coronavirus impact spreads
A more positive opening for European credit today proved short-lived, as coronavirus developments caused the market to reverse its modest improvement early on to careen back to some of the widest levels in over a year

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

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

Fund performance: Presents under the tree as CLO funds perform

Ucits at a glance: Ucits end strong year on a high

Credit funds at a glance

MidOcean Credit co-founder leaves to head PE firm's credit expansion
Multi-strategy private equity firm Siguler Guff has poached a co-founder of MidOcean Credit Partners to lead the expansion of its credit platform

Complacency rules after rally in run-up to UK election
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.

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.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

Ucits at a glance: Ucits continue to chart a steady course

CLOs at a glance: innovations arrive as year draws to close

Ucits at a glance: ucits continue to chart a steady course

Astor and Armory team up for US mid-market credit interval fund
Astor Investment Management has teamed up with Armory Capital to launch a middle-market credit interval fund, according to US regulatory filings