European high yield converges on US as credit pushes wider
A worrisome week is ending with spreads pushing to new local wides and underperformance of European high yield versus US credit

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

Spreads gap wider as slowdown fears sink in
Concern over the gathering coronavirus second wave, economic slowdown and the need for further central bank interventions has pushed credit spreads sharply wider, with yesterday’s US late session downturn spilling over to Asia and Europe

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

Barings and PGIM win loan and structured credit mandates as pension puts £2.7bn in credit
The firms will manage global syndicated loans, securitised credit, emerging market debt and global high yield credit for Border to Coast Pension Partnership's £2.7 billion ($3.43 billion) multi-asset credit fund 

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

Curves steepen as roll shifts risk from the front end
CDS index curves have steepened with the September roll, with the reformulation of iTraxx and European portfolios having a noticeable impact on the front end of the curve

Index roll brings sea change for US/Europe relative value
The roll of CDS indices to new series has shifted relative value measures between Europe and the US, with CDX indices trading in a tighter context to their new iTraxx counterparts

US investors piled into structured credit and private lending in 2019, Gapstow finds
US institutional investors' allocations to 'alternative credit' increased 12% year-over-year in 2019, according to research by fund of funds manager Gapstow Capital Partners

Fallen angels and financials feel heat as CDS indices roll
CDS indices are rolling into new contracts today, with outgoing series of iTraxx Europe and Crossover widening sharply from the market’s open on technical as well as fundamental factors

Five year structures back in vogue as Diameter prices bond flex CLO
Diameter Capital Partners has priced the third five-year CLO structure amid the coronavirus pandemic, after teaming with GreensLedge to issue its latest CBO named Diameter Credit Funding III,

Green credit advocate launches research body
Stockholm-based portfolio manager and green credit advocate Ulf Erlandsson has today announced the launch of research body Anthropocene Fixed Income Institute (AFII)

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

Anchorage prices first-of-its-kind bond flex CLO refi
Anchorage Capital Group has taken the unusual step of refinancing three tranches of its 2018 vintage CBO named Anchorage Credit Funding 5. Creditflux data shows the deal to be a first-of-its-kind transaction

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

Post hires head of sales and marketing in Los Angeles
Post Advisory Group has hired Eileen Mancera as managing director and head of sales and marketing

PGIM hires for newly created ESG fixed income research role
PGIM has appointed a former Allianz official into the newly created role of head of environmental, social & governance (ESG) research for its fixed income division

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

Opportunities knock as Credit Dimensions returns in vibrant tranche market
Creditflux will showcase the cutting edge of CDS market developments next week as Credit Dimensions, our annual deep-dive into structured synthetic credit, returns in a virtual format

Marathon hires high yield senior portfolio manager from JP Morgan AM
Marathon Asset Management has hired a senior high yield portfolio manager in New York to help develop the firm's long-only high yield business

Ensco does not require credit event auction, says DC
There will be no credit event auction to settle Ensco International CDS since its bonds and CDS are thinly traded, the Americas Determinations Committee has said

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