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California Resources auction set as CLOs hold loans and recoveries look low
3 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 -
JC Penney CDS pays near 100% to protection buyers
3 years ago
JC Penney CDS has settled at auction close to zero, lower even than the paltry recoveries indicated beforehand -
Default cluster brings warning for recoveries and operations
3 years ago
The pace at which credit event auctions stacked up in May sent investors a strong warning to review default and recovery expectations, as well as to ensure operational readiness after years of benign markets -
Bankrupt Hertz runs out of gas with CLOs holding $245 million
3 years ago
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations -
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 -
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 -
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 -
Whiting chapter 11 hits new CDX HY series but misses CLOs
4 years ago
The Americas Determinations Committee has accepted a request to rule on whether Whiting Petroleum has triggered a bankruptcy credit event, after the Denver headquartered exploration firm filed for chapter 11 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. -
McClatchy bankruptcy adds to slew of US media credit events
4 years ago
The McClatchy Company, a media sector constituent of CDS index CDX HY, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled -
Whiting Petroleum CDS gaps wider as it engages debt advisors
4 years ago
Credit event concerns have taken CDX HY constituent Whiting Petroleum to a recent wide print, after the energy exploration firm’s management held talks with advisors to find ways to remedy its capital structure -
Creditors left with sour taste as two food companies file for bankruptcy
4 years ago
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection -
Leading fund: Lupus Alpha CLO Opportunity Notes I
6 years ago
Single-B CLO trades boost Lupus Alpha asset Management
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