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US retailer bankruptcy spells hit for CLOs and CDX HY tranches
4 years ago
US retailer Neiman Marcus's filing for chapter 11 protection opens the prospect of a fourth credit event in the CDX HY index and a sixth for on-the-run HY tranches, as well as a hit for CLOs -
Whiting CDS heads to auction, with Morgan Stanley joining bidders
4 years ago
The credit event auction to determine Whiting Petroleum CDS takes place today, with Morgan Stanley added to participating bidders and the pay-out to protection buyers expected to be as much as 90 cents in the dollar -
HY tranche traders face another cut as Diamond hits the rough
4 years ago
US high yield index CDX HY has suffered its third constituent credit event in a month, after Diamond Offshore Drilling filed for chapter 11 protection in the Southern District of Texas. This is also the fifth default to hit on-the-run CDX HY tranches -
If history repeats itself, the best CLO play could be to hold equities
4 years ago
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all -
Longview Power turns to coal for handful of CLOs
4 years ago
CLOs hold $43.9 million of the debt of US power company LongView Power, which filed for Chapter 11 in the District of Delaware yesterday -
Frontier bankruptcy dials up pressure for 90 CLOs
4 years ago
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York -
Correlation rise stokes mezz rally but adds to CSO woes
4 years ago
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources. -
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders
4 years ago
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective. -
Parker Drilling CDS auction deliverables trade in low 50s
5 years ago
There will be two deliverable obligations into an auction to settle credit default swaps referencing Parker Drilling, the Americas Credit Derivatives Determinations Committee has decided -
Seven deliverables valid for Sears CDS auction, as seven others split DC panel
5 years ago
There will be seven obligations deliverable into an auction on 14 November to settle credit default swaps referencing Sears Roebuck Acceptance Corp, the Americas Credit Derivatives Determinations Committee has decided. But members of the 15-strong DC were split over whether to include another seven potential deliverables that did not make the cut
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