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The volume of market participants that have signed up to the credit default swap big bang hardwiring protocols, launched March 12 by the International Swaps and Derivatives Association, numbered 2,055 by press time.

Steven Hornstein's Global Credit Advisers, which launched its maiden fund in October, has outperformed its peers despite turbulent markets, thanks in large part to the fund concentrating in high yield, some investment grade, and distressed corporate debt.

The $4 billion Philadelphia Public Employees Retirement System plans to issue a request for proposals this month for opportunistic credit managers to take advantage of available investments in the space.

Metavante Technologies' debtholders stand to benefit from a substantial paydown and price bump on their positions following the company's acquisition by Fidelity National Information Services.

--Steven Hornstein, co-founder of Global Credit Advisers, in a letter to investors. The firm's maiden fund, up 19% so far this year, specializes in high-yield and distressed corporate debt.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week. Data provided by Markit Group.

The IMF’s currency of special drawing rights should be part of the solution for the global liquidity crisis

The international financial crisis has reshaped the investor base, pricing levels and market functioning of the emerging corporate bond market, experts said this week as they grappled with the systemic changes to the asset class.

Althouth emerging markets have been savaged by the global turmoil, they are set from stronger growth than the recession-ravaged West. So is now the right time for strategic asset allocation into developing country assets?

China’s discreet moves to promote the renminbi as an international reserve currency could spell disaster for the US Treasury market and further exacerbate the structural weaknesses of the dollar

Asiamoney rounds up the major financial news stories in the media over the past week across Asia. Rio Tinto looks to sell New South Wales coal assets, India’s government gives disgraced IT firm Satyam a new board. China Eastern Airlines reports major hedging-based losses, Japan’s MUFG has to write down its capital base by US$3.2 billion due to losses on stock investments and the Bank of Thailand cuts rates by a larger-than-expected amount. By: Richard Morrow