Sovereign in scope as Russian Railways triggers first Ukraine-linked credit event
Russian Railways had triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled, making this the first sanctions-related credit event since Russia's invasion of Ukraine in February

Russia returns to default pricing as railway co awaits credit event vote
Russian credit spreads are once again under intense pressure and sanctions-related credit events are back under the spotlight as the country's state-owned railway company faces the scrutiny of the Emea Credit Derivatives Determinations Committee

Russia extends rally as DC rules against repudiation / moratorium
Russian Federation CDS contracts rallied strongly for a second day on Thursday, after the Credit Derivatives Determinations Committee ruled a repudiation / moratorium had not occurred on the country's sovereign debt

Russia CDS won't be orphaned in credit event but could pay big, say investors
Contrary to a flurry of recent media reports, Russian Federation CDS contracts are highly likely to have deliverable bonds in the event the country triggers a credit event - and this could come soon with high pay outs for protection holders

Europcar sets course for high recovery in 2021's first credit event auction
An auction to settle CDS referencing Europcar Mobility Group has generated an initial market midpoint of 73.5 cents, implying the pay-out to protection buyers could be only 26.5 cents - much lower than five-year CDS contracts had implied

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32

Crossover dips below 300bp as retailers leave the basket
The removal of defaulting constituents Hema  and Matalan from iTraxx Crossover has helped take the index to its tightest prints since the start of the coronavirus sell-off

Noble and Hema produce disparate pay outs for CDS
This week has brought the high and lows of CDS settlement, with Noble Corporation bestowing an ultra low high pay-out for protection buyers after Hema protection sellers suffered less of a hit than was modelled by assumed recoveries

Ensco does not require credit event auction, says DC
There will be no credit event auction to settle Ensco International CDS since its bonds and CDS are thinly traded, the Americas Determinations Committee has said

Credit event auctions mount as European resistance breaks
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions

Ensco CDS leap wider on credit event trigger
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event

Hema and Matalan auctions set as DC ponders Ensco credit event
Dates have been set for credit event auctions to settle two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years

Valaris and Ensco posed to DC as bankruptcy credit events
Valaris and its subsidiary Ensco International Incorporated have been proposed to the Americas Determinations Committee as bankruptcy credit events after the group filed for chapter 11 protection in August

Matalan credit event ruling draws heavily on precedents, says DC
A bankruptcy credit event ruling on Matalan - the first this year in a European index - was a close call and relied heavily on several precedent credit events, the EMEA Determinations Committee has said

Nine bonds make list to settle Noble, positing 98-cent CDS pay out
Nine bonds are on an initial list of deliverable obligations to settle at auction CDS referencing Noble Corporation, the latest CDX HY index constituent to trigger a bankruptcy credit event

Noble Corp auction date set as low recoveries stack up
The Americas Determinations Committee has set a date to settle CDS referencing the offshore driller, which looks set to follow Chesapeake Energy as the latest in a run of big pay outs for protection buyers

Distressed to the nines: Noble joins CDX HY default tally
Noble Corporation, a US offshore drilling company, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled - making it the ninth default in the on-the-run CDX HY index

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