- Direct lending (49)
- Emerging markets (48)
- High yield bonds (319)
- Investment grade credit (156)
- Structured credit (140)
- CLO (108)
- Distressed debt (142)
- Leveraged loans (143)
- Marketplace lending (16)
- Real assets (26)
Falling correlation reignites passion for index tranche trades3 days ago
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.
Farewell Mike3 days ago
After two decades, Mike Peterson, the founder and long-time editor of Creditflux, is moving on.
Private debt secondaries expected to soar in 20203 days ago
Private debt secondaries grew massively in 2019 — and more is expected this year.
Activists sign up to narrowly tailored event protocol3 days ago
The International Swaps & Derivatives Association has signed up 1,298 parties, including nine reference dealers, to a protocol aimed at preventing narrowly tailored credit events (NTCEs).
Points up front: There are lies, damn lies and awards pitches3 days ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.
Complacency rules after rally in run-up to UK election3 days ago
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.
CSO arrangers look to build on $65bn of issuance in 20193 days ago
The synthetic bespoke tranche market this year has fallen short of expectations in terms of overall issuance volume, but ends with transformative inroads being made.
Deep dive trade is on, but single name risks still abound3 days ago
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 struggle3 days ago
A round-up of fund performance
- A round-up of ucits fund performance3 days ago
- A round-up of CLO performance3 days ago
Welshcake: Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off3 days ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic
Deans Foods auction delivers big lunch for CDS protection buyers4 days ago
Dean Foods CDS has been settled in a credit event auction at a final price of just 9.25 cents – half the 18 cents indicated by the Dallas-headquartered company’s bonds at the time the auction was called
No 2020 recession, cyclical bonds will outperform and CLOs won't crash, says BNP Paribas6 days ago
There will not be a recession in 2020 and investors should stay long credit with the expectation that high yield cyclical and non-financial borrowers will outperform in a bullish market, BNP Paribas strategists have confidently predicted
Dean Foods CDS to have one deliverable, with 80 cent pay-out indicated12 days ago
There will be only one bond deliverable into an auction to settle CDS referencing Dean Foods, the Americas Determinations Committee has confirmed
Dean Foods CDS set to have only one deliverable on the menu17 days ago
Only one bond has made it onto the supplemental list of deliverable obligations for an auction to settle CDS referencing Dean Foods
Non-dealers overtake banks as biggest holders of diminishing CDS pie18 days ago
The share of the CDS market held by non-dealer financial institutions has surpassed that of dealers for the first time, according to latest Bank for International Settlements data. But firms are scrapping over a smaller pie, as outstanding single name CDS continues to fall
US pension backs insurance credit fund24 days ago
Montana Board of Investments has committed $40 million to an insurance credit fund opportunity fund managed by Vida Capital Management, according to a document seen by Creditflux.
Creditors left with sour taste as two food companies file for bankruptcy1 month ago
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection
Investors increasingly see ESG as fiduciary duty, State Street survey reveals1 month ago
North American investors are most likely to view ESG as a fiduciary duty, while European investors are driven by regulation, performance and reputational risk, according to results from a survey conducted by State Street Global Advisors
Deadline just hours away for CDS users to sign Isda protocol1 month ago
Midday New York time is the cut-off for market participants to sign up to the International Swaps & Derivatives Association’s protocol aimed at stamping out narrowly tailored credit events from CDS
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders1 month ago
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective.
ESG integration is part of fiduciary duty, finds UNPRI1 month ago
The United Nations Principles for Responsible Investment (UNPRI) report ‘Fiduciary Duty in the 21st Century’, published late last month, concludes that ESG is a source of investment value, ending debate that using ESG criteria might violate fiduciary duties.
Points up front: Talking his book (which is available on Amazon)1 month ago
For listed asset managers, an earnings call is generally not the right forum to market or advertise upcoming funds. But it might be exactly the right place to try and sell your book.
Corporate credit performance expected to catch up with financial borrowers as European quantitative easing begins1 month ago
The return of European Central Bank quantitative easing on 30 October portends a catch up this month of corporate credit performance with other parts of the market, such as financial borrowers, say strategists.
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