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Alternative Market Briefing

SYZ & Co launches flexible European corporate credit strategy, OYSTER Flexible Credit

Thursday, June 19, 2014

Komfie Manalo, Opalesque Asia:

The Swiss banking group SYZ & CO has launched OYSTER Flexible Credit, a new sub-fund of its Luxembourg Sicav OYSTER. The fund aims absolute performance through a credit strategy combining European corporate bonds with flexible hedging of market exposure.

OYSTER Flexible Credit targets an annualized return of 8% with a Sharpe ratio of 1 over a whole credit cycle. Management of the fund has been entrusted to Eiffel Investment Group, a Paris-based management company specializing in these strategies. Like several of the funds launched recently by OYSTER, this new fund is a "NewCITS" product, which means it takes advantage of the changes in the European UCITS standard to propose an unconventional strategy that effectively meets investors’ expectations.

A positive outlook for the European corporate bond market The Swiss bank stated the European corporate bond market is expanding fast but remains highly fragmented. There are more than EUR 2.2tln worth of corporate bonds and loans outstanding. Growth is strong since a record EUR 90bn worth of new high-yield bonds were issued in 2013, about 30% of which were from new entrants.

"This expansion is likely to continue because the trend towards disintermediation is only just beginning in Europe, with 70% of credit still provided by the banks, as against 30% in the United States. This broad market is not yet harmonized and so off......................

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