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OC health check: US CLOs hit by new round of test failures
4 years ago
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i. -
Ecuador auction settles CDS at 34.9 cents
4 years ago
A credit event auction to settle Ecuador sovereign CDS produced a final price of 34.88 cents, closely reflecting where bonds had been quoted beforehand -
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 -
Frontier CDS auction final list points to 75 cent pay-out
4 years ago
An auction next week to settle Frontier Communications CDS will have 20 deliverable obligations, according to a final list published by the Americas Determinations Committee. The cheapest of these suggest a payout on CDS of around 74.5 cents -
Selecta and Southwest battered as market trades flat as a pancake
4 years ago
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners -
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 -
Beneath the triple C: $1 billion of CLO credits take a dive
4 years ago
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi. -
McDermott slips into bankruptcy with CLOs holding almost $1 billion
4 years ago
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement -
Arizona pension to deploy up to $700 million a year in private credit
4 years ago
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux. -
CLO managers exposed as US mortgage lender files for bankruptcy
5 years ago
CLOs hold $164.9 million exposure to the debt of Ditech Holding Corporation, who refiled for Chapter 11 bankruptcy on Monday -
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 -
Four private credit managers score as Arizona pension fund commits $250 million
5 years ago
The $9.78 billion pension fund has mandated nearly $250 million to four private credit managers, alongside additional commitments for co-investment opportunities -
Distressed managers get set for surge in troubled opportunities
7 years ago
Hedge fund managers are amassing a huge war chest of capital in preparation for what they believe will be an upsurge in distressed opportunities, delegates at yesterday’s Debtwire US Mid-Market Financing Forum heard -
Warren Resources default leaves GSO retail investors facing losses
8 years ago
Retail investors in a series of funds managed by GSO Capital are set to take a hit as yet another oil and gas company struggles to restructure its debt
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