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Pacific Gas & Electric CDS set for high recovery as initial obligations trade above 74
5 years ago
Pacific Gas and Electric Company CDS look set for a high recovery, despite a long list of obligations being selected as deliverables into the credit event auction for the defaulted borrower, since eligible bonds are all quoted in the mid-70s or 80s -
Pacific Gas & Electric triggers bankruptcy credit event
5 years ago
Pacific Gas and Electric Company has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, by 14 votes to one -
CDS food fight as UNFI sues Goldman Sachs over SuperValu deal
5 years ago
United Natural Foods Inc (UNFI) has summoned Goldman Sachs to court, accusing the bank of bad faith in the way it handled the US retailer’s buyout of SuperValu last year, a transaction which caused the target firm’s CDS spread to bloat by over 200bp in one day -
Pacific Gas & Electric credit event posed following Chapter 11 filing
5 years ago
The Americas Credit Derivatives Determinations Committee has been asked to rule on whether Pacific Gas and Electric has triggered a credit event, after the San Francisco headquartered firm filed for Chapter 11 bankruptcy protection for the second time in its history -
Boost for Parker Drilling protection buyers as CDS settles lower than expected
5 years ago
Parker Drilling credit default swaps have settled at a lower value than expected, after physical settlement sell requests drove down the price at auction and increased the windfall for protection buyers -
Parker Drilling recovery implied at 45 cents as dealers get set for CDS auction
5 years ago
An auction to settle credit default swaps referencing Parker Drilling will take place today, with bond trading levels of the defaulted company implying a payout to protection buyers of around 45-46 cents on the dollar -
Ziggo CDS protection buyers get a lift as DC votes for successor
5 years ago
Holders of credit default swap protection on Ziggo Bond Finance have received a boost, with the EMEA Determinations Committee ruling that contracts structured under the 2014 Isda credit derivative definitions have a successor – dispelling fears they would be orphaned. -
Sears CDS settles well above bonds on physical settlement squeeze
5 years ago
Predictions that credit default swaps referencing Sears Roebuck Acceptance Corp would recover at a high level have been borne out, with an auction to settle the contracts having returned a value of almost 80 cents on the dollar – nearly 30 points higher than where bonds of the bankrupt US retailer have been quoted -
Dealers gear up to settle Sears CDS and rule on Ziggo successor
5 years ago
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance -
Credit spread improvement is calm before the storm, warn strategists
5 years ago
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider -
Sears CDS auction to proceed this week as dealers reject delay request
5 years ago
Dealers on the Americas Credit Derivatives Determinations Committee have rejected a call to delay this week’s auction to settle Sears Roebuck Acceptance Corp credit default swaps, although it was a split decision rather than unanimous vote -
Delay sought on Sears credit event auction to free up deliverables
5 years ago
The Americas Credit Derivatives Determinations Committee will meet today to consider whether or not to delay a forthcoming auction to settle Sears Roebuck Acceptance Corp credit default swaps, after a market participant requested more time to allow a wider pool of deliverable obligations to become available -
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 -
Sears CDS squeeze is different to Hovnanian manipulation, say Cyrus' lawyers
5 years ago
Matters at the heart of an industry tussle over Sear Roebuck Acceptance Corp credit default swaps are entirely different in nature to the “narrowly tailored credit event” concerns that arose with Hovnanian, lawyers speaking on behalf of Cyrus Capital Partners have claimed -
CDS auction rules fight looms as Determinations Committee meets on Sears
5 years ago
The Americas Credit Derivatives Determinations Committee will meet tomorrow (3 January) to make what could be a landmark decision on credit event auction rules, amid a heated industry battle over bankrupt US retailer Sears Roebuck Acceptance Corp -
Sears CDS settlement extends to 2019 as external review teams line up
5 years ago
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 -
Vue CDS reels on loan no-show, as CLO managers hold front row seats
5 years ago
Vue International is among the biggest movers in credit default swap trading today after the cinema operator pulled an £833 million refinancing and acquisiton financing -
Creditex obtains CFTC swap execution facility exemption
5 years ago
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility -
Sears CDS external review panel named to solve Determinations Committee impasse
5 years ago
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 -
Astaldi CDS auction sets 30.875 final price as physical settlement boosts recovery
5 years ago
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
5 years ago
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 -
CLO managers on alert as five credits drive Crossover index rout
5 years ago
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 -
Credit sell-off has room to run and pricing is out of whack, says BNP Paribas
5 years ago
The credit market sell-off could have further to go despite recent widening and is “in the process of a late-stage business cycle unwind”, according to a strategist note seen by Creditflux -
10 bidders line up for Astaldi CDS auction as Morgan Stanley swaps in for Mizuho
5 years ago
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
5 years ago
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
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