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 

Translating insolvency from Chinese
China can pass on to the west some valuable lessons about insolvency rules and how they apply to derivatives, and to company debt in general

Second housebuilder defaults as Mexicans desert the suburbs
Homex looks to have become the second large Mexican housebuilder in just over two months to default

Isda set to rule on Cengage bankruptcy after deal with loan holders
Isda’s credit derivatives determinations committee will consider whether Cengage Learning has triggered a credit event

Coop’s upper tier two perps plunge on bail-in news
Cooperative Bank’s most senior class of capital securities has plunged in value

Bond holders face low recoveries as Detroit misses interest payment
The emergency manager for Detroit has proposed a deal under which bond holders will receive less than 10 cents in the dollar

Coop Bank unveils plan to bail in all junior debt
Cooperative Bank says it plans to convert £1.3 billion ($2 billion) of junior debt into a combination of equity and new debt

Exide files for bankruptcy after plant shutdown
US battery maker Exide Technologies files for chapter 11 bankruptcy after regulators close plant 

Large dealer axe pushes down CDS recovery for Mexican builder
Auction for cash settlement of Urbi Desarrollos debt brings lowest recovery rates since June 2012 

CDS auction sets high recoveries on Bankia debt
Auction sets high prices on CDS relating to Spanich bank Bankia's CDS

Two thirds of CCC or lower rated debt is trading above par says Fitch
Fitch says low default rate may mask credit deterioration