Isda rules against Novo Banco succession event
Isda's determinations committee decides that Novo Banco move was no succession 

Par building may not be enough to cure CLO test breaches, finds Nomura
Par building by CLO managers may not be enough to stave off the impact of recent defaults on overcollateralization test buffers, according to a research note from Nomura

Energy sector default rate rises to 9%, finds Fitch
12 month trailing default rate up to 9% for energy names, says rating agency. At the end of January this figure stood at 7%. 

Loan sell-off not justified by fundamentals, says Highland's Okada
“We're in an environment where investors are far more distressed than their investments,” said Okada at a round table event last week

1999-style default party could hit CLO triple Bs, says Citi
Low prices mean that CLO mezzanine should make double-digit returns even under scenarios that cause a cashflow interruption

Patriarch steps down from Zohar CLOs ahead of family office conversion
Lynn Tilton's Patriarch Partners has resigned from its role as manager on three Zohar CLOs

Verso default pushes at least one CLO towards test breach, says Nomura
The recent chapter 11 bankruptcy filing by Verso has put one CLO in danger of failing its interest diversion test, according to a recent research note from Nomura.

One in five high yield energy borrowers could default this year, says Barclays
Bank revises default forecast to take account of recent oil price falls

Isda calls in top silks to decide Novo Banco credit conundrum
Isda's credit derivatives determinations committee has convened an external review panel to decide the thorny issue of whether Novo Banco has defaulted

Repricing of risk sees 12 loan deals scrapped in Q4, says Fitch
Repricing of credit risk by institutional investors led to a significant decline in leveraged loan issuance in the fourth quarter, according to a report from Fitch Ratings this week

CDS auction reveals huge confusion about value of Abengoa bonds
Abengoa bonds price at less than five cents on the dollar 

Bond market update - while you were away
Major commodities downgrade, Portuguese bank bond moves and Chinese default risk keep bond markets interesting over holiday period

Fitch predicts 2.5% loan default rate as energy credits run out of steam
US leveraged loan defaults are expected to hit 2.5% in 2016, according to Fitch Ratings

Ukraine defaults on bond to Russia, says Bloomberg
€3 billion bond from Russia to Ukraine will go unpaid 

Abengoa’s filing is a default for some, says Isda
Isda rules that Abengoa's filing for credit protection for older contracts 

Isda puts off second decision over Abengoa
Determinations committee to reconvene over Spanish energy firm

Pimco and others sue Citi over MBS losses, reports Reuters
Reuters reports that Pimco is among a group of investors suing Citi over losses from mortgage-backed securities

No credit event yet on Abengoa, rules Isda
Isda's credit derivatives determinations committee yesterday decided that Abengoa does not (yet) count as a credit event

Default highlights concentration risk in Chinese CLOs, says Fitch
The recent default of China Shanshui Cement Group (CSCG) highlights the concentration risk in Chinese CLO structures, according to an announcement from Fitch Ratings