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Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
4 years ago
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction -
Thomas Cook CDS auction set for two deliverables
4 years ago
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations -
Thomas Cook ruling puts 2014 format CDS contracts back in the money
4 years ago
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name -
CarVal’s independence backed by five-year Cargill loan
4 years ago
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal. -
Narrowly tailored event protocol set to go live in weeks
4 years ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market. -
Roll week leaves CDS in strange places
4 years ago
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times. -
Fund performance
4 years ago
A round-up of fund performance -
Ucits at a glance
4 years ago
A round-up of ucits fund performance -
Credit funds at a glance
4 years ago
A round-up of fundraising and people moves in credit -
Steinhoff CDS fails to (physically) deliver
4 years ago
A credit event auction for Steinhoff Europe revealed very little interest to physically settle CDS contracts, with only one request to buy and for just €8.4 million -
Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
4 years ago
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management -
Steinhoff CDS buyers set for low pay-out
4 years ago
A credit event auction to settle CDS referencing Steinhoff Europe has returned an initial market midpoint of 83.5, implying there will be a low pay-out of less than 17 cents for protection buyers on the defaulted retailer -
We are not Thomas Cook speculators, says Xaia
4 years ago
Xaia Investment, a Munich-based fund manager, has refuted accusations it profited from Thomas Cook’s downfall by speculating on the company through CDS -
Thomas Cook puts older and newer version CDS on separate planes
4 years ago
Thomas Cook’s filing for chapter 15 protection in New York last week means older version CDS contracts with a 20 September maturity triggered pay-outs, the Determinations Committee has ruled. But the worth of newer format CDS with the same maturity remains unclear ahead of a further DC meeting on Friday -
Franklin Templeton reorganises long-short credit fund team
4 years ago
Asset manager Franklin Templeton Investments will make changes to the portfolio managers for the Franklin K2 Long Short Credit funds, effective from October -
Thomas Cook CDS protection buyers could be left stranded
4 years ago
Thomas Cook Group’s triggering of a bankruptcy credit event spells a high pay-out for some CDS protection buyers, with implied recovery values heading towards zero. But the fate of contracts maturing at last week’s CDS roll still hung in the balance at time of press -
Nine bidders for Steinhoff CDS auction as SocGen joins
4 years ago
Tomorrow’s auction to settle CDS referencing Steinhoff Europe will have nine participating bidders, after Societe Generale was added to the list -
Deadline day for participating bidders as Steinhoff auction looms
4 years ago
Firms wishing to be participating bidders in Wednesday’s auction to settle Steinhoff Europe CDS have until 5pm today London time (12pm New York) to submit applications to the Determinations Committee -
Thomas Cook credit event questions queue up as rescue talks collapse
4 years ago
The weekend collapse of UK travel operator Thomas Cook has brought two more requests for the Determinations Committee to rule on credit event triggers – one for bankruptcy and another for failure to pay -
Thomas Cook credit event question travels beyond index roll, as Steinhoff deliverables finalised
4 years ago
An auction next week to settle Steinhoff Europe CDS will have two deliverable obligations, the Determinations Committee has confirmed. But resolution of a bankruptcy credit event question on iTraxx Crossover name Thomas Cook spills over beyond today’s roll into a new series, after the DC was unable to reach a decision this week -
Michigan pension commits over $300 million to credit
4 years ago
State of Michigan Retirement System has earmarked $302 million for new commitments to credit during the period April to June 2019, according to a document seen by Creditflux. -
Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
4 years ago
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York -
Date set for long-delayed Steinhoff auction, with two deliverables
4 years ago
An auction to settle CDS referencing Steinhoff Europe will take place on Wednesday next week – six months after the Determinations Committee ruled that the retailer had triggered a failure-to-pay credit event -
DC makes inverted engagement with Top Gun CDS auction amid settlement challenges
4 years ago
The EMEA Determinations Committee has reconsidered its decision not to hold an auction for CDS referencing Top Gun Realisations 61, after market participants complained of challenges in settling transactions on the defaulted entity -
Ucits at a glance
4 years ago
A round-up of ucits fund performance
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