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Perhaps 2021 will be the first year of the next expansion
3 years ago
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves -
Ucits at a glance: Year-to-date returns head for double figures
3 years ago
Ucits funds generally performed well in October as 75% achieved positive returns -
Primary pumped as Trump gazumped and vaccine hopes jump
3 years ago
A 'yuge' rally is underway in credit markets today, with optimism over Joe Biden's apparent victory in the US presidential election turning to elation following a big covid-19 vaccine breakthrough -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
LP round up: $5 billion flows to credit as private market allocations increase
3 years ago
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux -
Fracking servicer FTS files for chapter 11 protection
3 years ago
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans -
Ensco does not require credit event auction, says DC
3 years ago
There will be no credit event auction to settle Ensco International CDS since its bonds and CDS are thinly traded, the Americas Determinations Committee has said -
Ensco CDS leap wider on credit event trigger
3 years ago
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event -
Credit fundraising: distressed keeps in favour but CLO ETFs emerge
3 years ago
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies -
CLOs stuck with $100 million of bankrupt TNT Crane's debt
3 years ago
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday -
Azimut purchases 20% stake in US private credit manager
3 years ago
Azimut Group has purchased a 20% equity stake in a $2.1 billion opportunistic private credit manager -
DC sets Wirecard CDS auction date, obligations and settlement terms
3 years ago
The Determinations Committee for Europe, Middle East and Africa has set a date to settle CDS contracts referencing German digital payments company Wirecard -
Wirecard CDS auction set to have two deliverables
3 years ago
Two notes look set to be deliverable into an auction to settle Wirecard CDS, according to an initial list published by the EMEA Determinations Committee -
Wirecard splits DC on auction vote
3 years ago
Wirecard has caused a split at the Determinations Committee, whose members only narrowly reached a supermajority vote to hold a credit even auction for the German digital payments company -
Fund performance: CLO funds keep up the momentum for second month running
3 years ago
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures. -
Wirecard triggers first European CDS credit event of 2020
3 years ago
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction -
DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
3 years ago
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event -
Wirecard bankruptcy credit event question put to DC
3 years ago
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa -
Bankruptcies mount with CLOs not on level playing field
4 years ago
Over $2.4 billion of CLO collateral has been caught up in bankruptcies since coronavirus-related volatility began, according to CLO-i. Bankruptcies are not a level playing field for CLOs - and although documention ammendments on what a CLO can or cannot do in a restructuring are not happening yet, sources say talks may arise in the future -
Fund performance: CLO tranches move up
4 years ago
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March -
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. -
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 -
Fund performance: Index tranche investors make it work from home
4 years ago
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables -
Germany's €600 billion aid package and amended insolvency rules line road to recovery
4 years ago
Germany has launched two major initiatives, relevant for direct lenders, to help companies weather the negative financial impact of the covid-19 pandemic, according to Hans Stamm and Angelo Lercara, Munich-based partners at Dechert -
Whiting CDS heads to auction, with Morgan Stanley joining bidders
4 years ago
The credit event auction to determine Whiting Petroleum CDS takes place today, with Morgan Stanley added to participating bidders and the pay-out to protection buyers expected to be as much as 90 cents in the dollar
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