Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).

Onex revamps leadership of credit business after hiring from GSO
Jason New has joined Onex Credit as co-chief executive officer in New York, according to an announcement.

Coronavirus volatility drives CDS clearing surge at LCH
CDS volume at LCH, the central clearing house of the London Stock Exchange, blew previous records out of the water in this year's first quarter, underscoring how the asset class served as a leading signal in the onset of the coronavirus pandemic

Axiom bets on 2002-style credit recovery with crossover fund launch
Axiom Alternative Investments is readying to launch a fund aimed at generating returns from the dislocation and revival of European and US credit as the coronavirus pandemic develops

Vermont pension expands private credit and core bonds allocation
Vermont Pension Investment Committee has reshuffled its credit portfolio including transitioning its short-term, quality credit allocation to an active core bonds mandate, as well as redeploying core plus fixed income into an expanded private credit allocation.

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

US pension delays restructuring fixed income portfolio over coronavirus concerns
Fresno County Employees’ Retirement Association has delayed plans to restructure its fixed income portfolio due to coronavirus concerns, according to board documentation

US/Europe CDS relative value in play as index gaps widen
A growing differential is opening this week between European and US credit derivative indices, with stark warnings yesterday on the impact of the coronavirus pandemic prompting a big sell-off in financial markets

Investors need to ask: can my asset manager survive the crisis?

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

Connecticut pension seeks emerging fixed income managers
Connecticut Retirement Plans and Trust Funds is looking for investment management services for global fixed income and/or global equity, according to a recently launched request for proposal

Batleon expands credit team with PM hire
Asset manager Bantleon has hired a credit portfolio manager and desk analyst, as the organisation looks to strengthen its bond portfolio management team

Financials lag as credit rallies on Chinese manufacturing pick up
Credit market improvement has continued this morning on signs of Chinese economic recovery, after the rally in spreads resumed yesterday afternoon in Europe and throughout most of the US session

Three CLO investors win mandates from US insurer
New York State Insurance Fund has selected 11 credit managers to invest around $1 billion across corporate loans, high yield bonds and CLO tranches, according to documentation seen by Creditflux. Three  of these mandates are geared towards CLOs 

CDX HY and EM trade with fresh legs after defaulted names drop out
New series of US high yield index CDX HY and emerging market index CDX EM begin their first full day of trading today, having replaced outgoing versions on Friday amid a weakening of credit markets due to the spreading impact of the coronavirus outbreak

Financials and commodity names lead credit widening as oil slumps
Credit markets ended last week going wider and the theme continues today, as the price of oil slumps further amid growing concern about how the impact of the coronavirus outbreak will stifle demand

Credit traders' kickstand: market whipsaw throws tranche trades and index rolls into focus
Credit's relief rally was unlikely to last long, but hopes of reaching the weekend are dashed on today's sharp reversal, right as CDX HY and CDX EM roll into new series

Last chance to get Crediflux newsletter delivered to your door
The last few weeks have affected the way everyone goes about their daily routine. To make things slightly easier for our readership, we can send the April Creditflux newsletter to subscribers' home addresses - simply fill out the form

Sovereign borrowing will crowd out corps and produce fallen angels, warns BofA
Investors should be wary of buying coporate credit that yields less than sovereign debt, Bank of America strategists have warned, predicting €20-30 billion of European fallen angel volume lies ahead as the market cycle turns

Ohio pension injects $175 million into credit via JP Morgan and HPS
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending

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 markets rally, but hopes rest on US stimulus vote
Credit spreads are rallying back today, along with other financial markets, as hopes rise the US congress will agree a massive fiscal stimulus package and other governments in major economies echo a "whatever it takes" line to combat the coronavirus outbreak