Failing directories borrower finds hold-outs’ number
A directories publisher has become the latest company to look at an English law-governed scheme of arrangement as a way of trying to force a restructuring on recalcitrant debt investors

Cargill subsidiary raises $100 million for credit hedge fund
A credit-focused hedge fund manager owned by commodities giant Cargill has raised just over $100 million for a new fund

Investors hurt as power producer hits call button
Asset managers expect that the exercising of bondholder unfriendly special calls will become more common in the high yield market after an important precedent last month

In credit - Leave your silos and look across all asset classes
Ashish Shah, head of global credit at AllianceBernstein, gives his views on the credit market

Euro CLO mezz floods into the market through a €94 million b-wic
The secondary CDO market was once again awash with European CLOs yesterday with a €93.7 million mezzanine CLO auction taking place

Call protection: investors lock up their loans
As bond investors have moved into the loan market, borrowers have had to offer them more bond-like features. But will call protection be eroded as demand for loans increases?

Investor demand for on-the-run bonds drives new issues higher
US new issue bonds rise in secondary trading

Investor demand for yield drives US financial bonds tighter
CDS spreads also move in on generally bullish market tone

Financial spreads take a hit as real money changes stance
Real money investors make a significant move on financial bond holdings

Investors bid for another controlling CLO equity position
CLO equity was at the top of the agenda once again yesterday with a controlling equity position and an in-demand equity slice going on the block

Mountain of cash drives up recent peripheral corporate bonds
Peripheral corporates return to the market with new issuance with strong demand driving spreads tighter

Super-sized demand drives burger bonds to record low yield
Investors flock to bonds as a safe haven and the secure liquidity

Re-thinking recovery
Loss-given-default presents an even bigger modelling challenge than default probability. A re-sampling casts light on the best approach

CFlux indices remain stable after slow trading week in US CLOs
US CLO volumes dropped off last week with investors instead turning to European CLOs in the secondary market.

Credit vol stays high as option sellers stay away from the market
Volatility implied by credit options remains stubbornly high in the US and Europe

US investment banks' risk hits highest level since 2008
Banks hit by fears of exposure to European debt