Creditflux

Sears CDS battle lines set out in market-defining legal fight
Legal sides have set out their arguments in the high-stakes Sears Roebuck Acceptance Corp credit event external review, in what an industry group of asset managers claims is a “unique opportunity to provide clarity on one of the most important definitions for the credit default swap product”

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg

Robus targets €300 million for second distressed debt fund
Robus Capital has held a first close for its second distressed fund, Robus Recovery Fund II, Creditflux understands

Sear-iously? Isda slams ex-CFTC commissioner over CDS "hyperbole"
The International Swaps and Derivatives Association has waded into a gathering furore over Sears Roebuck Acceptance Corp credit default swaps

San Francisco pension bolsters private credit portfolio with €60 million commitment
San Francisco Employees’ Retirement System has awarded €60 million to a distressed debt fund 

New Zealand Superannuation Fund hires CIO
New Zealand Superannuation Fund (NZSF) has appointed Stephen Gilmore to serve as chief investment officer  

Sears CDS settlement extends to 2019 as external review teams line up
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December

Värde raises $400 million for Asia credit fund
Värde Partners has closed its inaugural Asia-focused fund at $400 million - six months after launching

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

KKR promotes three European credit specialists to managing directors
KKR has promoted several members of its team to managing directors - including a former US CLO portfolio manager

Astaldi CDS auction sets 30.875 final price as physical settlement boosts recovery
An auction today to settle credit default swaps referencing Astaldi has determined the final price to be 30.875 cents on the euro, meaning a 69.125 cents pay-out per euro for protection buyers

Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

CLO managers on alert as five credits drive Crossover index rout
Five constituents of iTraxx Crossover have hit big bumps this week, fuelling a noticeable underperformance of the European credit default swap index against its US counterpart yesterday in a reversal of the recent trend

10 bidders line up for Astaldi CDS auction as Morgan Stanley swaps in for Mizuho
There will be 10 participating bidders to an auction to settle Astaldi credit default swaps, with the Determinations Committee unanimously approving Morgan Stanley’s involvement as Mizuho dropped out

Astaldi credit event auction deadline looms for participating bidders
Firms wishing to take part next week in a credit event auction to settle Astaldi credit default swaps have until 5pm London time today (23 November) to submit participating bidder letters to the Determinations Committee

Till debt us do part: CLOs have and hold David's Bridal loans as they plummet 10.87%
CLOs hold $26.63 million exposure to David’s Bridal, which filed for Chapter 11 bankruptcy on Monday

Recent CLO debutant Vista brings in GSO official to lead credit team
Vista Credit Partners has hired a former GSO official to lead its credit team

Texas pension fund commits €75 million to European distressed debt
A $30.01 billion pension fund has awarded €75 million to a European distressed debt fund managed by AnaCap Financial Partners

US clothing brand default leaves CLOs exposed
As many as 100 CLOs are among the holders of debt issued by FullBeauty, which defaulted on 31 October on an interest payment to its $345 million second lien loans  

Los Angeles pension backs Lone Star fund
Los Angeles Fire and Police Pension System has approved a commitment of up to $40 million to Lone Star Fund XI, according to a monthly report  

San Francisco pension ramps up private credit portfolio with $80 million commitments
The $24.5 billion pension fund currently has a 2.2% actual allocation to private credit, despite a 10% target allocation

October: credit funds at a glance
For the full report detailing fund trends, people moves and fund raising and launches

September: fund performance

You don’t need a 15% default rate to make money in credit
Jeanne Manischewitz, head of North American credit at York Capital Management, takes our credit quiz