Frontier CDS auction to follow Lebanon and Whiting Petroleum
An auction to settle CDS referencing Frontier Communications will take place next month

Extreme gap opens for basis traders as relief packages cause distortion
Evidence abounds for how government and central bank interventions in the coronavirus crisis are distorting credit markets, but one clear signal is the flip-around of the basis between corporate bonds and CDS in recent days

Whiting initial list points to 90 cent CDS pay-out
Four bonds have made it onto an initial list of deliverable obligations for an auction to settle CDS referencing Whiting Petroleum, which triggered a bankruptcy credit event earlier this month

Frontier triggers credit event but HY equity tranches outperform
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low

Matalan default risk jumps as market mood dampens
UK retailer Matalan is a big decliner today in bonds and CDS, as positive sentiment ebbs from the credit market after the recent strong rally

Equity tranche hits stack up with Frontier Communications bankruptcy
One of the longest anticipated credit events in the US high yield universe appears to have come to pass, with Frontier Communications filing for chapter 11 bankruptcy protection

Lebanon CDS auction set to include 15 cent bonds
The cheapest bonds to deliver into a credit event auction to settle Lebanese sovereign CDS could be worth only 15 cents in the dollar, according to a 27-note initial list published by the Determinations Committee

Date set for Whiting Petroleum credit event auction
Dealers will hold a credit event auction on 29 April to settle CDS referencing bankrupt US firm Whiting Petroleum, the Americas Determinations Committee said

Argentina has not triggered repudiation/moratorium credit event, rules DC
Argentina's decision to withhold payments on its 'AF20' bonds has not triggered a repudiation/moratorium credit event, the Americas Determinations Committee has ruled

Europe/US credit gap extends as coronavirus curves part ways
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US

Credit event hits new CDX HY as Crossover name's default risk surges
Whiting Petroleum has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled, making it the first constituent default in newly on-the-run series 34 of the CDX HY index

Whiting chapter 11 hits new CDX HY series but misses CLOs
The Americas Determinations Committee has accepted a request to rule on whether Whiting Petroleum has triggered a bankruptcy credit event, after the Denver headquartered exploration firm filed for chapter 11 protection

CDX HY and EM trade with fresh legs after defaulted names drop out
New series of US high yield index CDX HY and emerging market index CDX EM begin their first full day of trading today, having replaced outgoing versions on Friday amid a weakening of credit markets due to the spreading impact of the coronavirus outbreak

Determinations Committee agrees to consider Argentina credit event
The Americas Determinations Committee has accepted a request to decide whether Argentina has triggered a repudiation/moratorium credit event, as the country grapples with international bondholders and the impact of a coronavirus lockdown

Jump-to-default risk collapses after Senate backs biggest ever US relief package
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves

Argentina credit event posed to DC as lockdown magnifies debt burden
The Americas Determinations Committee has been asked to rule on whether Argentina has triggered a repudiation / moratorium credit event, as the country's coronavirus lockdown further strains its wrangles with international bondholders

Credit market hits new wides as government outbreak measures intensify
Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak

Lebanon triggers failure-to-pay credit event with CDS priced at 89 points up front
Lebanon has triggered a failure-to-pay credit event on CDS referencing its sovereign bonds, the Determinations Committee for Europe, Middle East and Africa has ruled

Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence

Lebanon credit event trigger posed to Determinations Committee
The Determinations Committee for Europe, Middle East and Africa has accepted a request to rule on whether Lebanon has triggered a failure-to-pay credit event, after the country withheld payments due on bonds earlier this month

Credit traders’ kickstand: roll nightmares haunt CDS market as indices whiplash
It’s Friday 13^th, but CDS traders will be hoping the worst of the horror shows are behind them as they try to regather their shredded nerves in time for next week’s biannual index rolls

McClatchy whacks out killer headline as CDS pays 98 cents
A month ago, when US newspaper company McClatchy triggered a bankruptcy credit event, sellers of CDS protection may have consoled themselves they were only looking at paying out around 27 cents on the contracts. But yesterday’s credit event auction set the final price at just two, meaning a whopping 98 cent windfall for protection buyers

Credit breakdown as one-day volatility outstrips financial crisis
Credit default swap markets have surpassed the record one-day volatility of the global financial crisis, with indices surging to new wide prints as the spiralling impact of the coronavirus outbreak brings government lockdowns on travel while wreaking havoc on oil prices and supply chains

McClatchy bonds point to 50 cent CDS pay-out as auction deliverables finalised
McClatchy CDS in on course to pay out around 50 cents, based on cheapest bonds to deliver, after the Americas Determinations finalised five deliverable obligations for the media company’s credit event auction next week

Credit reels back to January 2019 levels as coronavirus impact spreads
A more positive opening for European credit today proved short-lived, as coronavirus developments caused the market to reverse its modest improvement early on to careen back to some of the widest levels in over a year