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Chesapeake CDS auction date set
4 years ago
Dealers have set a date to settle Chesapeake Energy Corp CDS, in what will be the thirteenth credit event auction of 2020 -
California Res auction brings 99 cent problem for CDS protection sellers
4 years ago
An auction to settle CDS referencing California Resources Corp has settled at just 1.125 cents, meaning a 98.875 cents pay-out to protection buyers -
Ucits at a glance: Ucits recover lost ground
4 years ago
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier. -
Chesapeake default takes CDS auctions to eight-year high
4 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 -
Chesapeake bankruptcy points to hit for CDS and loan holders
4 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 -
California Resources auction set as CLOs hold loans and recoveries look low
4 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
4 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 -
Argentina triggers failure-to-pay credit event
4 years ago
Argentina has triggered a failure to pay credit event on its sovereign CDS, the Americas Determinations Committee has ruled -
JC Penney becomes seventh bankruptcy credit event to hit index tranches
4 years ago
JC Penney has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled -
JC Penney bankruptcy weighs on CLO and CDX HY baskets
4 years ago
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday -
DC sets Neiman Marcus CDS auction date
4 years ago
A credit event auction to settle Neiman Marcus CDS will be the fifth taking place this month -
CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
4 years ago
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event -
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 -
Ares raises $3 billion special situations fund ahead of huge European direct lending launch
4 years ago
Ares Management has witnessed “accelerated fundraising” for its special situations fund, which it has closed at around $3 billion, according to the firm’s earnings calls. The firm also launched its fifth European direct lending fund this week, which Ares expects could be “the largest private comingled fund in its history” -
Ecuador CDS auction has 10 bonds with only three-cent range
4 years ago
There are 10 bonds on an initial list of deliverable obligations to settle Ecuador sovereign CDS at auction, with the cheapest of these likely to recover at less than 29 cents -
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 -
Matalan heads deep into distress
4 years ago
Matalan, the UK retailer, is heading deep into distressed territory with its five-year CDS surging wider today -
Frontier CDS auction to follow Lebanon and Whiting Petroleum
4 years ago
An auction to settle CDS referencing Frontier Communications will take place next month -
Frontier triggers credit event but HY equity tranches outperform
4 years ago
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 -
Equity tranche hits stack up with Frontier Communications bankruptcy
4 years ago
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 -
CDX HY and EM trade with fresh legs after defaulted names drop out
4 years ago
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 -
Jump-to-default risk collapses after Senate backs biggest ever US relief package
4 years ago
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 -
Credit market hits new wides as government outbreak measures intensify
4 years ago
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 -
Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
4 years ago
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 -
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
4 years ago
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off.
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