Whiting Petroleum CDS gaps wider as it engages debt advisors
Credit event concerns have taken CDX HY constituent Whiting Petroleum to a recent wide print, after the energy exploration firm’s management held talks with advisors to find ways to remedy its capital structure

Sprint Comms CDS races tighter on T-Mobile merger nod
Sprint Communications, a telco constituent of US high yield index CDX HY, was by far the biggest mover in CDS yesterday, after the Federal Court in New York approved the company’s proposed merger with T-Mobile US

TUI enjoys 100bp two-week getaway
TUI is today’s biggest mover among constituents of CDS index iTraxx Crossover, after the Hannover headquartered travel company said it recorded its highest ever booking volumes in January – seizing market share after the collapse of UK rival Thomas Cook

UK financials push wider following Irish election surprise
UK and Italian financials are the weakest part of the credit market today, against an otherwise flattish backdrop, with the Irish general election result adding to concerns about how Brexit negotiations will fare this year

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

Citi reallocates credit index trading as veteran moves to buy side
A senior Citi credit official has expanded his remit following the departure of a veteran credit index trader

2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs

Correlation rise stokes mezz rally but adds to CSO woes
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources.

CSO arrangers take notes from success of CLOs
CSO arrangers are looking to follow the CLO template in more ways than one, with sources indicating that some dealers are looking to structure their deals in note format (as opposed to swaps).

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

You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
Investors can’t afford to be too conservative as they prepare for the end of the cycle

It's imperative to remain in liquid assets and this makes CDS indices attractive

Italian financials put Europe's best foot forward as US outperforms
Financial credits are once again leading the way as the market continues this week’s sharp return rally

US races to catch Europe as rally opens CDS gap
US credit is playing catch-up with Europe in today’s session, after the iTraxx Europe CDS index opened a 4.5bp gap with CDX IG before the US market opened

Hedge against coronavirus, says JP Morgan, naming 40 most exposed credits
With novel coronavirus cases rising at what looks to be an exponential rate, JP Morgan strategists have proposed a high yield hedge to address the rising threat to European credit spreads and listed 40 borrowers they think are most exposed to impact

Wind blows against UK credits after Brexit day bluster
After all the Friday fanfare of the UK’s exit from the European Union, Brexit-exposed credits are quietly heading wider at the start of this week, against the general tightening trend

Credit traders' kickstand: full reversal for Crossover as coronavirus spreads
European high yield CDS index iTraxx Crossver is ending the week back at around 230bp, in effect undoing all its improvement since the start of December

CLO giant casts eye on CSOs with plans to hire credit derivatives trader
An asset manager with almost $40 billion in CLO investments is looking to hire a credit derivatives trader in Newark in a role which would include coverage of index tranches and CSOs

Jefferies shelves structured synthetic plans as key man departs
Jefferies has put on ice its plans to build out a synthetic CDO origination, structuring and trading unit, having parted ways with the veteran specialist tasked with driving the venture

Skew trading discord as single name CDS snub index rally
The credit market’s reappraisal of risk today, following from Monday’s widening on coronavirus fears, comes with a marked dislocation between the performance of CDS indices and their underlying constituents

CIFC pushes into US high yield with three senior hires from Millennium
CIFC Asset Management is expanding its high yield investment business and has hired three officials from Millenium Management  

European financials outperform corporates as coronavirus spreads
Financial CDS is outperforming corporate credit today, and Europe outperforming the US, as the market jumps wider on rising alarm at the spread of China’s novel coronavirus

Credit event protocol goes into force with 60 extra sign-ups
The International Swaps & Derivatives Association is going live today with a protocol aimed at stamping out narrowly tailored credit events from the CDS market, having signed up 1,358 entities