Team: Volatility Trading

12 November 2024

Historical high-yeild cash balances

Cash balances held by high-yield mutual funds have continued to decrease, hitting a three year low in the third quarter. Notably, cash balances are now approximately 15% below their long-term average of 3.45%, in large part the result of a significant increase in new-issue volume As shown in the chart from JP Morgan, historically cash balances have tended to peak during periods of market stress and decline in more benign environments.

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13 November 2024

International loan activity

New issue activity in the US leveraged loan market is on track to reach an all-time high this year. With a quarter of the year remaining, YTD new issuance has already surpassed every full-year period other than 2017. Issuers have taken advantage of these strong market conditions.

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14 November 2024

Distressed bond universe activity

The high yield index posted its fifth consecutive gain in September with CCCs outperforming by the widest margin since December 2019. This rally, coupled with strong new issuance markets has resulted in a steady reduction in the distressed bond universe as highlighted.

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Views from the desk

Creditor Cooperatives Create Their Own Disruptions

Bloomberg 4 February 2025 | Cooperation deals can lead to a gap in debt prices of some of the biggest companies in distress.

Crypto and Rates to Drive US Convertible Debt Growth in 2025

Bloomberg 17 December 2024 | Issuance this year is third-highest in more than a decade. Could see up to $90 billion volume in 2025: Citi's Duffield.

Time is Money for Creditors in Restructuring

Bloomberg 5 October 2024 | In a restructuring market alert to the dangers of wily debtors, creditors are looking for whatever advantage they can get – including time.

Convertibles Notch $5 Billion Week as Rate Cuts Appear Distant

Bloomberg 26 February 2024 | A long-awaited wave of convertible bonds made landfall last week, with Global Payments Inc. and Lyft Inc. among the companies tapping investors for relief from the so-called maturity wall at relatively attractive prices.

2023 EuroHedge Award Nomination – Convertibles & Volatility

The Acasta Global Fund was nominated for the 2023 EuroHedge Award in the “Convertibles & Volatility” category. There are three other nominees for this award.

Acasta Partners Introduces Inaugural Further Education Scholarship Recipient

18 November 2022 | Acasta Partners, an alternative investment firm, is delighted to introduce the inaugural recipient of the Acasta Partners Further Education Scholarship in partnership with the Eastside Young Leaders’ Academy (EYLA).

Polygon Convertible Business to Rebrand as Acasta Partners

1 March 2022 | We are pleased to announce the launch of Acasta Partners, the rebranded convertible business of Polygon Global Partners.

2021 EuroHedge Award Nomination – Convertibles & Volatility

21 January 2022 | The Polygon Convertible Opportunity Fund was nominated for the 2021 EuroHedge Award in the “Convertibles & Volatility” category.

2020 EuroHedge Award Nomination – Convertibles & Volatility

24 November 2020 | The Polygon Convertible Opportunity Fund was nominated for the 2020 EuroHedge Award in the “Convertibles & Volatility” category. There are four other nominees for this award.

2019 EuroHedge Award Nomination – Convertibles & Volatility

January 27, 2020 | The Polygon Convertible Opportunity Fund was nominated for the 2019 EuroHedge Award in the “Convertibles & Volatility” category. There are four other nominees for this award.

2018 HFM European Hedge Fund Performance Award Nomination – Credit – over $500m

April 15, 2019 | The Polygon Convertible Opportunity Fund was nominated for a 2018 HFM European Hedge Fund Performance Award in the Credit - over $500m category, alongside four other nominees.

2018 HFM European Hedge Fund Performance Award Nomination – Credit long-term performance (5 years) – over $500m

April 15, 2019 | The Polygon Convertible Opportunity Fund was nominated for a 2018 HFM European Hedge Fund Performance Award in the Credit long-term performance (5 years) - over $500m category, alongside five other nominees.

Polygon nears a decade of unbroken gains with its unique event-driven approach to convertible arbitrage trading | EuroHedge Magazine

The Polygon Convertible Opportunity Fund, founded by veteran convertible bond specialist Mike Humphries, marks its tenth anniversary in May.

2018 EuroHedge Award Nomination – Convertible & Volatility

January 24, 2019 | The Polygon Convertible Opportunity Fund was nominated for the 2018 EuroHedge Award in the “Convertibles & Volatility” category. There were four other nominees for this award.

Polygon Convertible Opportunity Fund wins Eurohedge Convertibles & Volatility award for the fifth time

January 28, 2018 | Polygon Global Partners LLP, the London-based investment firm, is pleased to announce that the Polygon Convertible Opportunity Fund has won the 2017 Eurohedge Award in the Convertibles & Volatility category. There were three other nominees for this award.

Polygon Convertible Opportunity Fund Wins Alt Credit Intelligence US Performance Award 2017

The Polygon Convertible Opportunity Fund won the Convertible arbitrage category at the Alt Credit Intelligence US Performance Awards held in New York on February 15, 2017. The Polygon Distressed Opportunities Fund was also one of eight nominees in the Distressed securities category.

Polygon Convertible Opportunity Fund wins Eurohedge Convertibles & Volatility award for the fourth time

Polygon Global Partners LLP, the London-based investment firm, is pleased to announce that the Polygon Convertible Opportunity Fund has won the 2016 Eurohedge Award in the Convertibles & Volatility category. There were four other nominees for this award.

Polygon Wins Manager of the Year and Convertible Fund of the Year

Polygon Global Partners LLP won the 2016 "management firm of the year" award at the Alt Credit Intelligence European Performance Awards held in London on 1 December 2016. The Polygon Convertible Fund also received an award on the evening, being named the convertible fund of the year.

Awards

2024

Winner

EuroHedge
Volatility & Options

2023

Nominee

EuroHedge
Convertibles & Volatility

2021

Nominee

EuroHedge
Convertibles & Volatility

2020

Nominee

EuroHedge
Convertibles & Volatility

2019

Nominee

EuroHedge
Convertibles & Volatility

2018

Nominee

HFMWeek
Credit Long Term Performance 5 years over $500m

Nominee

EuroHedge
Convertibles & Volatility

Nominee

HFMWeek
Credit over $500m

2017

Winner

EuroHedge
Convertibles & Volatility

Nominee

EuroHedge
Long Term Performance: Macro, Fixed Income, and Relative Value

2016

Winner

EuroHedge
Convertibles & Volatility

Winner

Alt Credit Europe
Convertible Arbitrage

Winner

Alt Credit US
Convertible Arbitrage

Nominee

HFMWeek
Relative Value

Nominee

Allocator Investors Choice
Volatility Fund

Nominee

HFMWeek
Credit Long Term Performance 5 years

Nominee

HFMWeek
Credit under $500m

Nominee

HFMWeek
Event-Driven over $250m

2015

Nominee

EuroHedge
Convertibles & Volatility

2014

Winner

EuroHedge
Convertibles & Volatility

Winner

HFMWeek
Relative Value

Nominee

EuroHedge
Long Term Perfornance: Macro, Fixed Income, and Relative Value

Nominee

HedgePo Investors Choice
Credit Fund of the Year

Nominee

HedgePo Investors Choice
Credit Fund Long Term Performance

2013

Winner

Hedge Fund Journal Europe 50
Best Performing Convertible Fund

Winner

EuroHedge
Convertibles & Volatility

Nominee

HFMWeek
Credit over $250m

Nominee

HFMWeek
Relative Value

Nominee

HedgePo Investors Choice
Credit Fund, Long Term Performance Award

2012

Nominee

EuroHedge
Convertibles & Volatility

Nominee

HFMWeek
Relative Value

2011

Winner

EuroHedge
Convertibles & Volatility

Nominee

HFMWeek
Newcomer Other

2010

Nominee

EuroHedge
Smaller Fund

Nominee

HFMWeek
Newcomer Other