Bond investors face near total wipe-out after Phones4U calls receivers
Bond investors face severe losses on bonds issued by UK phone retailer Phones4U after the company announced this morning that it is going into administration

Isda delays Argentina CDS auction following yen bond challenge
Isda has announced that the auction for Argentine CDS will be delayed until after 2 September

Argentina plans domestic swap for restructured bonds
Argentina's government plans to offer restructured bond holders the option to swap their notes into domestic format bonds, reports the Wall Street Journal

Isda decides that Argentina did default
Isda's determinations committee has rules that Argentina's default will stand

Belt and braces: Isda considers new credit events for Argentina
Isda's determinations committee, which is already considering whether a failure-to-pay credit event has taken place on Argentina, will now also rule on whether a repudiation/moratorium has taken place

Isda faces tough decision: did Argentina default?
determinations committee receives as to whether Argentina has defaulted

Fitch warns that high yield default rates could spike on Caesars
Rating agency says trend of serial defaulters and busted LBOs could continue with Caesars 

Argentine banks cook up plan to buy hold-out debt, reports WSJ
The Wall Street Journal reports that a group of Argentine banks are working on a plan to buy the country's hold-out debt and avert a sovereign default later today

Loan dealers set date for PagesJaunes CDS auction
Loan dealers have set a date of 19 August to hold a settlement auction for credit default swaps written on Solocal

Historical loan defaults provide no guide to the future, says S&P
Loans without maintenance covenants have accounted for 66% of leveraged loan issuance so far in 2014, and many are single B

Surging TXU valuation may prompt new debt negotiations, says FT
A dramatic increase in the value of bankrupt Energy Future Holdings (the former TXU) may lead the restructuring agreement between different groups of creditors to unravel

US court blocks Argentina bond payment
Media reports suggest BNY Mellon is prevented from paying restructured bond holders

Isda rules against Argentina "repudiation" credit event
Isda's credit derivatives determinations committee moved quickly to reject the suggestion that Argentina has already defaulted on its credit default swaps

Argentina has already defaulted, protection holder claims
Law firm Schulte Roth & Zabel has asked the Isda credit derivatives determinations committee to rule that Argentina has already triggered a default under credit default swaps

Dealers set to vote on whether Aiful has triggered second restructuring
Credit derivative dealers in Asia have asked the Isda credit derivatives determination committee to rule on whether Aiful has triggered a restructuring credit event

Momentive CDS triggers as sub bonds tumble
Isda's credit derivativs determinations committee confirmed yesterday that there has been a credit event on Momentive Performance Materials

China narrowly avoids second onshore default
Xuhou Zhongsen's guarantor steps in after company fails to make bond payment 

CLO default rate is 10 times lower than for corporates, says Wells
CLOs have experienced dramatically lower default rates than similarly rated corporates, according to analysis by Wells Fargo

No China crisis as company heads for groundbreaking default
China could soon see its first true corporate bond default, after Shanghai Chaori Solar said it would be unable to make a CNY89 million ($15 million) coupon payment due tomorrow

Kazakh bank poses quandary for Isda default committee
Market participants have put in a second request for the Isda credit derivatives determination committee to consider a failure-to-pay credit event for Kazakhstan's Alliance Bank

Kazakh bank’s payment failure may trigger credit event
Market participants have asked Isda's determinations committee to rule on whether Kazakhstan's Alliance Bank has defaulted

Brazil's OGX marks lowest dollar CDS recovery since 2009
A credit event settlement auction this week for Brazil’s OGX Petroleo set the lowest recovery rate for a dollar CDS since 2009