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

Latin American investors brace for continent's biggest default
OGX files for protection from creditors as company becomes largest Latin American corporate default

Codere CDS default benefited GSO Capital, claims Bloomberg
Codere's late coupon payment benefited senior lender, claims Bloomberg

Protection buyers call credit event after chip maker gets loan waiver
Investors have asked the determinations committee to rule on a credit event after Reneasa waives loans from its shareholders

Mid-market default rate could double, warns Credit Suisse
Credit Suisse research warns that the proportion of companies losing money suggests a much higher default rate