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DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
3 years ago
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event -
Chesapeake default takes CDS auctions to eight-year high
3 years ago
Chesapeake Energy has been confirmed as the latest CDX HY index constituent to require settlement at auction, after the Americas Determinations Committee ruled it has triggered a bankruptcy credit event -
California Res deliverables list points to 98 cents CDS pay-out
3 years ago
Three bonds have made it onto the final list of obligations to settle CDS referencing California Resources Corp, which triggered a failure-to-pay credit event earlier this month -
Chesapeake bankruptcy points to hit for CDS and loan holders
3 years ago
Chesapeake Energy looks set to become the latest in a string of defaults to hit US high yield index CDX HY, after the Oklahoma City headquartered shale producer filed for chapter 11 protection -
Wirecard bankruptcy credit event question put to DC
3 years ago
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa -
Ouch it Hertz! CDS auction result hits index and protection sellers
3 years ago
Hertz Corporation CDS has been settled at auction at 26.375 cents, much lower than protection sellers might have hoped for only last week. But the final price was slightly better than initial bidding signalled -
VW gives EuropCar a lift
3 years ago
EuropCar is one of the biggest movers in the credit markets today, on reports that German carmaker Volkswagen is in talks to buy the French car rental firm -
Pimco stands alone in Hertz CDS tussle as recovery hopes fall
3 years ago
The Americas Determinations Committee has resolved a challenge on Hertz Corp deliverable obligations in time for tomorrow's credit event auction. But it was not a unanimous decision, with Pimco voting against other members -
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 -
Hertz CDS widens sharply ahead of auction with DC challenge unresolved
3 years ago
The Americas Determinations Committee has extended its deadline to resolve a challenge to obligations for next week's Hertz Corp CDS auction -
Bond and CDS surge caps remarkable chicken run for Boparan
3 years ago
Boparan, the UK-based restaurant group and chicken supplier, has surged tighter in bonds and CDS today, capping a remarkable turnaround in recent months for a company that had long been one of the riskiest in the European high yield universe before the coronavirus outbreak -
DC sets tight deadline to resolve Hertz challenge
3 years ago
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction -
Hertz Corp CDS auction faces delay amid deliverables challenge
3 years ago
The Americas Determinations Committtee has received a challenge to obligations submitted for use in an approaching auction to settle Hertz Corp CDS -
California Resources auction set as CLOs hold loans and recoveries look low
3 years ago
The Americas Determinations Committee has set a date to resolve CDS referencing California Resources Corp, which has triggered a failure-to-pay credit event -
Bond selling pushes down Argentina CDS auction final price
3 years ago
An auction on Friday to settle Argentina sovereign CDS returned a final price of 31.5 cents, three points lower than initial bidding due to a large physical settlement interest to sell bonds -
JC Penney CDS pays near 100% to protection buyers
3 years ago
JC Penney CDS has settled at auction close to zero, lower even than the paltry recoveries indicated beforehand -
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 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 -
PGIM prepares listed credit fund
3 years ago
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones -
Default cluster brings warning for recoveries and operations
3 years ago
The pace at which credit event auctions stacked up in May sent investors a strong warning to review default and recovery expectations, as well as to ensure operational readiness after years of benign markets -
RBC gets dressed for distress as it targets credit auctions
3 years ago
Royal Bank of Canada has emerged as a new entrant in the world of credit event auction bidding, a move that chimes with the bank’s recent push into distressed credit trading and suggests it sees a strong line of CDS settlement business in the coming months -
Fund performance: CLO tranches move up
3 years ago
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March
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