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Selecta splashes CLOs with bankruptcy credit event
3 years ago
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled -
Tranche traders smell the coffee as Crossover default percolates
3 years ago
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32 -
Crossover dips below 300bp as retailers leave the basket
3 years ago
The removal of defaulting constituents Hema and Matalan from iTraxx Crossover has helped take the index to its tightest prints since the start of the coronavirus sell-off -
Noble and Hema produce disparate pay outs for CDS
3 years ago
This week has brought the high and lows of CDS settlement, with Noble Corporation bestowing an ultra low high pay-out for protection buyers after Hema protection sellers suffered less of a hit than was modelled by assumed recoveries -
Credit event auctions mount as European resistance breaks
3 years ago
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions -
Ensco CDS leap wider on credit event trigger
3 years ago
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event -
Hema and Matalan auctions set as DC ponders Ensco credit event
3 years ago
Dates have been set for credit event auctions to settle two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years -
Valaris and Ensco posed to DC as bankruptcy credit events
3 years ago
Valaris and its subsidiary Ensco International Incorporated have been proposed to the Americas Determinations Committee as bankruptcy credit events after the group filed for chapter 11 protection in August -
Matalan credit event ruling draws heavily on precedents, says DC
3 years ago
A bankruptcy credit event ruling on Matalan - the first this year in a European index - was a close call and relied heavily on several precedent credit events, the EMEA Determinations Committee has said -
Noble Corp auction date set as low recoveries stack up
3 years ago
The Americas Determinations Committee has set a date to settle CDS referencing the offshore driller, which looks set to follow Chesapeake Energy as the latest in a run of big pay outs for protection buyers -
DC rejects Valaris credit event request
3 years ago
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event -
CLOs dodge offshore driller as restructuring credit event question posed
3 years ago
The Americas Determinations Committee has been asked to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event -
Intelsat CDS set for deemed auction today at 100% recovery
3 years ago
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said -
Index equity tranches show resilience in face of default spike
3 years ago
Lower credit index volatility in May refocused investor minds on idiosyncratic risk, with some give-up by previously outperforming equity tranches -
Intelsat CDS has no deliverables for an auction, says DC
4 years ago
CDS contracts referencing Intelsat Investments look to have no deliverable obligations, according to the Americas Determinations Committee, making a pay-out to protection buyers unlikely -
Intelsat triggers bankruptcy credit event
4 years ago
Intelsat Investments has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled -
Correlation rise stokes mezz rally but adds to CSO woes
4 years ago
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. -
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders
4 years 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. -
Direct lenders split over best way to manage loan restructuring
5 years ago
Direct lenders are divided on how best to set up internally when dealing with loans that require restructuring. Some managers argue that a deal should be restructured via the original deal team -
Strengthen CDS definitions to stop engineered defaults, say lawyers
6 years ago
The likelihood of stamping out manipulation in the credit default swaps market – namely the practice of staging credit events – is remote, say market sources
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