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Thomas Cook ruling puts 2014 format CDS contracts back in the money
4 years ago
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name -
Narrowly tailored event protocol set to go live in weeks
4 years ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market. -
Roll week leaves CDS in strange places
4 years ago
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times. -
Steinhoff CDS fails to (physically) deliver
4 years ago
A credit event auction for Steinhoff Europe revealed very little interest to physically settle CDS contracts, with only one request to buy and for just €8.4 million -
Steinhoff CDS buyers set for low pay-out
4 years ago
A credit event auction to settle CDS referencing Steinhoff Europe has returned an initial market midpoint of 83.5, implying there will be a low pay-out of less than 17 cents for protection buyers on the defaulted retailer -
We are not Thomas Cook speculators, says Xaia
4 years ago
Xaia Investment, a Munich-based fund manager, has refuted accusations it profited from Thomas Cook’s downfall by speculating on the company through CDS -
Thomas Cook puts older and newer version CDS on separate planes
4 years ago
Thomas Cook’s filing for chapter 15 protection in New York last week means older version CDS contracts with a 20 September maturity triggered pay-outs, the Determinations Committee has ruled. But the worth of newer format CDS with the same maturity remains unclear ahead of a further DC meeting on Friday -
Thomas Cook CDS protection buyers could be left stranded
4 years ago
Thomas Cook Group’s triggering of a bankruptcy credit event spells a high pay-out for some CDS protection buyers, with implied recovery values heading towards zero. But the fate of contracts maturing at last week’s CDS roll still hung in the balance at time of press -
Nine bidders for Steinhoff CDS auction as SocGen joins
4 years ago
Tomorrow’s auction to settle CDS referencing Steinhoff Europe will have nine participating bidders, after Societe Generale was added to the list -
Deadline day for participating bidders as Steinhoff auction looms
4 years ago
Firms wishing to be participating bidders in Wednesday’s auction to settle Steinhoff Europe CDS have until 5pm today London time (12pm New York) to submit applications to the Determinations Committee -
Thomas Cook credit event questions queue up as rescue talks collapse
4 years ago
The weekend collapse of UK travel operator Thomas Cook has brought two more requests for the Determinations Committee to rule on credit event triggers – one for bankruptcy and another for failure to pay -
Thomas Cook credit event question travels beyond index roll, as Steinhoff deliverables finalised
4 years ago
An auction next week to settle Steinhoff Europe CDS will have two deliverable obligations, the Determinations Committee has confirmed. But resolution of a bankruptcy credit event question on iTraxx Crossover name Thomas Cook spills over beyond today’s roll into a new series, after the DC was unable to reach a decision this week -
Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
4 years ago
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York -
Date set for long-delayed Steinhoff auction, with two deliverables
4 years ago
An auction to settle CDS referencing Steinhoff Europe will take place on Wednesday next week – six months after the Determinations Committee ruled that the retailer had triggered a failure-to-pay credit event -
DC makes inverted engagement with Top Gun CDS auction amid settlement challenges
4 years ago
The EMEA Determinations Committee has reconsidered its decision not to hold an auction for CDS referencing Top Gun Realisations 61, after market participants complained of challenges in settling transactions on the defaulted entity -
Top Gun triggers credit event, but there's no debt in the barrel
4 years ago
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, has triggered a bankruptcy credit event, the EMEA Determinations Committee has ruled. But no CDS auction will follow since the reference entity has no debt outstanding -
Determinations Committee to rule on maverick bankruptcy credit event
4 years ago
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, is under consideration for a bankruptcy credit event trigger, after the Determinations Committee accepted a request to rule on the matter -
Steinhoff credit event auction finally in sight after restructuring concludes
4 years ago
A long-awaited auction to settle CDS referencing retailer Steinhoff Europe has moved a step closer, with the EMEA Determinations Committee noting the restructuring effective date has happened and the company voluntary arrangement (CVA) has been fully implemented -
Galapagos CDS settles higher than expected despite net interest to sell
4 years ago
Galapagos Holdings CDS settled at a price that, while low, was nonetheless higher than had been implied by initial markets despite a net open interest among participating dealers to sell the company’s bonds -
Galapagos CDS auction kicks off with very low initial market midpoint
4 years ago
Bidding in a credit event auction today to settle Galapagos Holdings CDS has produced a very low initial market midpoint, suggesting there will be a high final pay-out to holders of protection -
Galapagos CDS auction looms with Morgan Stanley added to participating bidders
4 years ago
A credit event auction tomorrow to settle Galapagos Holdings CDS will have 10 participating bidders, with Morgan Stanley having been approved by other dealers to take part -
Galapagos CDS auction date set
4 years ago
Settlement of Galapagos Holdings CDS will take place on Wednesday next week (7 August), the auction’s administrator Creditex has said -
Galapagos CDS set for high pay-out with one deliverable on initial list
4 years ago
Galapagos Holdings could have only the bond on which it defaulted as a deliverable obligation into an auction to settle its CDS -
Galapagos has triggered failure-to-pay credit event, says DC
4 years ago
Galapagos Holdings has triggered a failure-to-pay credit event on its 7% senior notes due 2022, the Credit Derivatives Determinations Committee has ruled unanimously -
Galapagos failure-to-pay credit event posed to DC as bond grace period lapses
4 years ago
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Galapagos Holding, a former iTraxx Crossover index constituent, has triggered a failure-to-pay credit event
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