Banks regain composure to lead rallying charge
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies

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

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

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

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

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

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

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

LP round up: Pimco gets the Disco started as distressed managers win allocations
Insitutional investors allocated just over $1 billion to credit funds last week, according to board documents seen by Creditflux, with special situation funds from Farallon, Pimco and SSG taking the bulk of these commitments

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

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Lebanon CDS auction pays out 86 cents to protection buyers
Holders of protection on Lebanon sovereign debt have received an 86 cent pay-out on every dollar, after today's credit event auction produced a final price of just 14 cents

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Bardin Hill pulls in $300 million for first close of opportunistic credit fund
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter