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UK retailers get frosty reception after price hike warning
2 years ago
UK retailers face spread widening pressure on Tuesday against an otherwise flattish backdrop, as supply chain issues stack up prompting concerns of winter stock shortages and higher prices for goods -
Rally resumes as investors read US job miss as tapering delay
2 years ago
Credit and equity markets have opted to rally - albeit far from emphatically - after digesting the import of the US missing its August monthly news jobs target by a big margin, which could bring a setback for hawkish central bank voices -
Tabula launches ESG compliant Asia ex-Japan high yield ETF
2 years ago
Fixed income exchange traded fund provider Tabula Investment Management has launched what it says is Europe's first dollar-denominated Asia ex-Japan high yield corporate bond ETF compliant with environmental, social and governance standards -
High yield compression has one last push after real yields turn negative, says BofA
2 years ago
With real yields for European high yield bonds having turned negative, Bank of America credit strategists see "one last hurrah" for spread compression trades -
Taliban takeover likely to have long-term credit impact
2 years ago
Afghanistan’s takeover by the Taliban has barely caused a ripple in credit even regionally, but the power shift has wide-reaching implications that investors have yet to take onboard, say frontier market specialists -
Rising stars vie with swooping hawks as Fed deliberates
2 years ago
Rising star companies moving from high yield to investment grade could be a valuable source of returns for credit investors in coming months, say sources -
Reversal brings Chinese outperformance in credit
2 years ago
Credit market improvement hit an impasse in most jurisdictions during August, with range-trading in Europe, the US and much of emerging markets. But Asian credit, and Chinese markets in particular, enjoyed a strong run. -
Crossover names drive rally on strong earnings as European traders return
2 years ago
Several high yield borrowers have made strong improvements on Tuesday as the post-Jackson Hole credit market rally has extended from Friday, with European traders returning after their long weekend -
Retailer jumps on PE rumours while markets stay rooted in Jackson Hole
2 years ago
UK supermarket retailer Sainsbury's has been a notable mover in credit this week, as the wider market waits tentatively on Friday's Jackson Hole movement in the US and fund outflows signal nervousness about US Federal Reserve policy and escalating turmoil in Afghanistan -
Chinese credit makes gains as Europe and US slump on Fed taper fears
2 years ago
Chinese credit spreads on Thursday depicted an island of optimism as global credit and stocks - including its own - slumped against a mounting confluence of concerns -
Travel co among underperformers as credit gives up gains
2 years ago
European credit is softening away from its recent tights in what is shaping up to be a fourth week of range-bound trading, with credit strategists identifying valuations as a key obstacle to improvement at the index level -
Millennium senior tranche trader jumps to Verition
2 years ago
An experienced synthetic structured credit trader has left Millennium Management in New York to join Greenwich headquartered Verition Fund Management -
High yield real estate firm pushes tighter on ratings boost
2 years ago
Adler Real Estate credit spreads are driving ever tighter, with positive signals from rating agency S&P adding to the company’s strong bull run, despite softening in the wider high yield market -
German real estate firm on bull run as rest of high yield treads water
2 years ago
Adler Real Estate has extended its spread tightening run on Monday morning, making it one of the biggest improvers of the past week in an otherwise flattish high yield credit market -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
2 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back -
Loan investors reap windfall from meme stock craze
2 years ago
The so called “meme stock” craze is having a tangible positive impact on certain companies’ loan prices -
China teaches tough lessons to foreign investors
China’s regulatory crackdown on some of its fastest-growing industries created shockwaves that have reverberated widely, dragging on US and European credit at the end of July. -
US plays catch up with Europe as spreads reconverge
2 years ago
There has been a slight softening of European credit on Tuesday, even as stocks hold onto their record highs and US credit spreads take their chance to close the gap after recent underperformance -
Standard Chartered builds out global CLO trading business with big hire
2 years ago
Standard Chartered has bolstered its global CLO trading desk by appointing a London-based trader -
Rising stars will fuel double B boom, says BofA
2 years ago
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists -
Triple Bs gain momentum as IG buyers pick best spots
2 years ago
The absolute tightness of credit spreads has led many to lament their chances of delivering strong returns in 2021, while stressing the need to move down either the quality or duration curve. But even within investment grade, European and US managers are still finding pockets of value -
Publishing boost for French firm but China sours wider market
2 years ago
Lagardere is a notable positive outlier in another off day for the credit market, after China turmoil rocked stocks and sent spreads wider -
Global CLO trading lab: Equity supply spikes as investors go long
2 years ago
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale -
Credit Rendezvous: And breathe...
2 years ago
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives. -
US loan managers capture secondary opportunities as new issues struggle
2 years ago
US loan managers switched gears by sourcing loans in the secondary market in the second quarter. This came as pricing in the primary market became less attractive in the early part of Q2 and with new loan issuance slowing in May and June
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