Chesapeake auction delayed over convertibles question
A credit event auction to settle Chesapeake Energy Corporation CDS has been postponed for at least two weeks while the Determinations Committee seeks clarity on status of the company's convertible bonds

Chesapeake auction could face delay over convertible conundrum
A credit event auction next week to settle Chesapeake Energy Corporation CDS could be postponed as uncertainty hangs over the status of the company's convertible bonds

Chesapeake deliverables point to big pay-out on CDS
An initial list of deliverable obligations to settle CDS referencing Chesapeake Energy Corporation at auction points to a pay-out of over 97 cents to protection buyers - higher than where five-year contracts are priced

Chesapeake CDS auction date set
Dealers have set a date to settle Chesapeake Energy Corp CDS, in what will be the thirteenth credit event auction of 2020

California Res auction brings 99 cent problem for CDS protection sellers
An auction to settle CDS referencing California Resources Corp has settled at just 1.125 cents, meaning a 98.875 cents pay-out to protection buyers

Chesapeake default takes CDS auctions to eight-year high
Chesapeake Energy has been confirmed as the latest CDX HY index constituent to require settlement at auction, after the Americas Determinations Committee ruled it has triggered a bankruptcy credit event

California Res deliverables list points to 98 cents CDS pay-out
Three bonds have made it onto the final list of obligations to settle CDS referencing California Resources Corp, which triggered a failure-to-pay credit event earlier this month

Chesapeake bankruptcy points to hit for CDS and loan holders
Chesapeake Energy looks set to become the latest in a string of defaults to hit US high yield index CDX HY, after the Oklahoma City headquartered shale producer filed for chapter 11 protection

Ouch it Hertz! CDS auction result hits index and protection sellers
Hertz Corporation CDS has been settled at auction at 26.375 cents, much lower than protection sellers might have hoped for only last week. But the final price was slightly better than initial bidding signalled

Pimco stands alone in Hertz CDS tussle as recovery hopes fall
The Americas Determinations Committee has resolved a challenge on Hertz Corp deliverable obligations in time for tomorrow's credit event auction. But it was not a unanimous decision, with Pimco voting against other members

Insurers' CLO triple A and double A investments can survive most severe stress tests, report finds
A stress test performed on US insurers' CLO investments, as of December, shows that even under the most severe coronavirus default and recovery assumptions, double A and triple A-rated tranches are protected against principal losses

DC rejects Valaris credit event request
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

CLOs dodge offshore driller as restructuring credit event question posed
The Americas Determinations Committee has been asked to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

DC sets tight deadline to resolve Hertz challenge
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction

JC Penney CDS pays near 100% to protection buyers
JC Penney CDS has settled at auction close to zero, lower even than the paltry recoveries indicated beforehand

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Intelsat CDS set for deemed auction today at 100% recovery
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus

Scale of coronavirus-linked defaults divides credit market
As governments and central banks around the world plough money into the economy in response to the coronavirus pandemic, the loan and CLO markets are nevertheless bracing themselves for a corporate downgrade wave to turn into a default cycle

Index equity tranches show resilience in face of default spike
Lower credit index volatility in May refocused investor minds on idiosyncratic risk, with some give-up by previously outperforming equity tranches

Default cluster brings warning for recoveries and operations
The pace at which credit event auctions stacked up in May sent investors a strong warning to review default and recovery expectations, as well as to ensure operational readiness after years of benign markets

RBC gets dressed for distress as it targets credit auctions
Royal Bank of Canada has emerged as a new entrant in the world of credit event auction bidding, a move that chimes with the bank’s recent push into distressed credit trading and suggests it sees a strong line of CDS settlement business in the coming months

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

OC health check: US CLOs hit by new round of test failures
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i.

Diamond auction settles CDS at 7.4 cents
A credit event auction to settle Diamond Offshore Drilling CDS produced a final price of 7.375 cents, resulting in a pay-out to protection buyers of 92.625