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Tale of two defaults as JC Penney and Hertz recoveries diverge
3 years ago
A credit event auction to settle JC Penney will take place today, with the pay-out to CDS protection buyers looking likely to be the highest for over a year - a tall order given the paltry recoveries of recent US high yield defaults -
Argentina auction deliverables list points to lower recovery than CDS
3 years ago
Over 30 bonds have made it onto an initial list of deliverable obligations for an auction next week to settle Argentina sovereign CDS. These notes are mainly denominated in US dollars and euros, but some also in Japanese yen and Swiss francs -
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 -
Argentina rallies sharply as DC sets credit event auction date
3 years ago
An auction to settle Argentina sovereign CDS will take place next week, the Americas Determinations Committee has said -
Convergence trades in focus as US high yield wobbles at the tights
3 years ago
US convergence with Europe is the theme of this week, at least in high yield, with CDX HY having narrowed to within 80bp of iTraxx Crossover -
Credit dips inside key levels as wide end outperforms
3 years ago
A second day of rallying credit spreads has taken the iTraxx Crossover index inside 400bp for the first time since 9 March, with positive sentiment on reopening economies outweighing other concerns -
Argentina triggers failure-to-pay credit event
3 years ago
Argentina has triggered a failure to pay credit event on its sovereign CDS, the Americas Determinations Committee has ruled -
US lags as credit explores three-month tights
3 years ago
Credit markets in Europe and Asia have begun June on a rally to their tightest levels in nearly three months, with optimism over reopening economies outweighing concern about US/China trade negotiations. But US credit looks set for a more cautious opening, after a weekend of widespread protests and rioting -
Volatility trading has room to run, say strategists, as market holds firm after rally
3 years ago
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading -
Intelsat CDS has no deliverables for an auction, says DC
3 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 -
Ecuador auction settles CDS at 34.9 cents
3 years ago
A credit event auction to settle Ecuador sovereign CDS produced a final price of 34.88 cents, closely reflecting where bonds had been quoted beforehand -
JC Penney becomes seventh bankruptcy credit event to hit index tranches
3 years ago
JC Penney has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled -
RBC makes it three CDS auctions in a row after debuting this month
3 years ago
Morgan Stanley and Royal Bank of Canada have been added to the list of participating bidders this week for credit event auctions to settle CDS referencing Ecuador and Diamond Offshore Drilling -
JC Penney bankruptcy weighs on CLO and CDX HY baskets
3 years ago
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday -
Intelsat triggers bankruptcy credit event
3 years ago
Intelsat Investments has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled -
Idiosyncratic risk keeps traders on their toes as volatility abates
3 years ago
Global credit markets are ending the week at wider levels, after early gains, with optimism waning on the likely pace of recovery from the coronavirus pandemic and nervousness ahead of key economic numbers next week. But volatility has clearly abated from the picture, replaced by greater focus on some of the more troubled companies and sectors -
DC agrees to consider Intelsat bankruptcy credit event
3 years ago
The Americas Determinations Committee has accepted a request to rule on whether Intelsat Investments has triggered a bankruptcy credit event, after parent company Intelsat SA filed for Chapter 11 protection -
Frontier CDS auction pays less than bonds had indicated
3 years ago
A credit event auction to settle Frontier Communications CDS produced a slightly better result than expected for protection sellers -
Diamond deliverables point to 89 cents pay-out on CDS
3 years ago
An auction to settle CDS referencing Diamond Offshore Drilling looks set to have four deliverable obligations, all of which are quoted around 11 cents -
DC sets Neiman Marcus CDS auction date
3 years ago
A credit event auction to settle Neiman Marcus CDS will be the fifth taking place this month -
Frontier CDS to be settled today with RBC joining bidders
3 years ago
Frontier Communications CDS will be settled today in a credit event auction, with 10 dealers participating -
Argentina retreats from wides as it allows more time on $65 billion question
3 years ago
Argentina sovereign CDS has eased back from its recent peak after the country extended the deadline to agree a debt restructuring with international bondholders -
Ecuador auction final list points to 67 cents pay-out on CDS
3 years ago
A credit event auction next week to settle Ecuador sovereign CDS will have 10 deliverable obligations, according to a final list published by the Americas Determinations Committtee -
Morgan Stanley joins bidders for Frontier CDS auction
3 years ago
Morgan Stanley has been added to the list of participating bidders for a credit event auction this week to settle Frontier Communications CDS -
CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
3 years ago
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event
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