Hema triggers failure-to-pay credit event
Hema, the Dutch retailer, has triggered a failure to pay credit event, the EMEA Determinations Committee has ruled - making it the second default this month to dent the iTraxx Crossover index and its tranches

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Sixth Street nears $12 billion for flexible global credit fund
Sixth Street collected $8.5 billion for its fifth TSSP Adjacent Opportunities Partners fund, TAO 5.0, by the end of July, with the fund nearing its $12 billion hard cap

Sharp moves for single name bonds and CDS, as indices open with caution
Credit has begun the week looking for direction with European CDS indices slightly wider, US counterparts edging tighter, and high yield bonds making sharper moves in either direction

French and travel names lead sell off as UK widens quarantine list
European credit is pushing wider at the end of the week, following the UK's decision to remove France, the Netherlands and other countries from its list of those safe to travel to without quarantine

CIFC's new HY team takes all-weather approach as it launches Ucits fund
CIFC has launched a long-short high yield Ucits fund, underlining a trend for all-weather strategies that Creditflux highlighted in the August issue of the monthly newsletter

Direct lenders brace for requests to ignore covid quarters
Direct lenders will need to think about using different tracking mechanisms to measure a portfolio company’s performance going forward, as key metrics have been affected by covid-induced volatility, say market participants

ICG plans €1 billion European special situations recovery fund
Intermediate Capital Group is targeting a €1 billion final close on its second multi-strategy special situations fund, which aims to exploit opportunities in the loan market arising from the coronavirus-induced pandemic

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Wirecard CDS settles above single digits
Wirecard CDS just about bucked the recent trend of defaulting credits settling in single digits at auction

Travel firms lead sell-off on second wave fears
Travel related companies are in focus for European credit investors at the start of the week, following the UK government's decision to re-impose a 14-day quarantine on people arriving from Spain

LP round up: Oregon eyes $1.8 billion into structured credit
Institutional investors have earmarked over $6 billion to credit funds over the past two weeks

DC sets Wirecard CDS auction date, obligations and settlement terms
The Determinations Committee for Europe, Middle East and Africa has set a date to settle CDS contracts referencing German digital payments company Wirecard

Fair Oaks resumes dividends on listed CLO fund
Fair Oaks Capital will resume paying dividends on its listed fund Fair Oaks Income Fund

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Two large managers prepare CLO funds
Another two managers have joined the plethora of firms launching CLO-focused funds of late including CIFC, Capital Four, DFG, Eagle Point, Neuberger Berman, Octagon, and Tetragon

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

Permira holds €3.48 billion final close on fourth direct lending fund
Permira Debt Managers has collected €3.48 billion for its fourth direct lending strategy, marking the fund’s final close on 31 March

Golding holds first close for private debt vehicle
Munich-headquartered fund-of-funds manager Golding Capital Partners has held a first close on almost €200 million for its private debt fund Golding Private Debt 2020

Apollo joins forces with Mubadala for big direct lending deals
Apollo Global Management has launched a ‘large scale direct lending’ platform, which it says is anchored by Abu Dhabi’s Mubadala Investment Company

US and Europe diverge as loan trading bands emerge on the continent
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy"

Lufthansa spreads guided down after heavy turbulence
A volatile week for Deutsche Lufthansa is ending with spreads tighter, after shareholders came around to backing a German government bailout

Lufthansa climbs as shareholder airs bailout grievances
Deutsche Lufthansa is among today's biggest underperformers in credit and stock markets, as a battle brews with its largest shareholder over the terms of a €9 billion government bailout for the airline

Fair Oaks tops up on double B CLO tranches in May
Fair Oaks topped up on double B-rated CLO tranches in its listed CLO fund in May, adding $79 million par value of BB-rated paper

US jitters set in ahead of monthly options expiry
A gap has opened up again in the performance of European credit versus US ahead of this month's CDS options expiries, after a shakier trading session in New York yesterday