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Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
4 years ago
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction -
Thomas Cook CDS auction set for two deliverables
4 years ago
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations -
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 -
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 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 -
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 -
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 -
Rallye CDS set for high pay-out with credit event auction underway
4 years ago
Rallye CDS looks set for a high pay-out to protection buyers after a credit event auction today to settle the contracts produced an inside market midpoint of 14.875 cents, slightly below where the retailer’s bonds have been quoted -
Steinhoff CDS auction in limbo due to lock-up and CVA
5 years ago
A date to settle CDS referencing Steinhoff Europe had still to be agreed as Creditflux went to press — more than a month on from when the EMEA Determinations Committee (DC) ruled that the company had triggered a failure-to-pay credit event. -
Steinhoff has triggered failure-to-pay credit event, rules DC
5 years ago
Steinhoff Europe has triggered a failure-to-pay credit event, the EMEA Credit Derivatives Determinations Committee has ruled unanimously -
Steinhoff Europe failure-to-pay credit event question posed to DC
5 years ago
The EMEA Determinations Committee has been asked to rule on whether Steinhoff Europe has triggered a failure-to-pay credit event, following the retailer’s lock-up period request -
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 -
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 -
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 -
Astaldi CDS holders face Thursday deadline on auction deliverables
5 years ago
Market participants with exposure to Astaldi have until 5pm London time tomorrow (8 November) to submit any other potential deliverable obligations into the auction to settle the company’s credit default swaps -
Astaldi credit event auction will have two deliverables, says DC
5 years ago
Only two Astaldi bonds are deliverable into an auction to determine the final price of its credit default swaps, the Determinations Committee has indicated -
Investors pledge cash after turning to direct lender Prestige
6 years ago
Just like every magic trick has three parts, every fundraising has three stages: building a track record, marketing and, the most difficult, delivering strong returns. Prestige is clearly performing well as it gains three investor mandates -
Capital Four makes gains as Takko revives
7 years ago
Capital Four Management’s credit opps fund makes a strong start to 2017
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