CDX HY faces first constituent default since 2020
The Americas Credit Derivatives Determinations Committee has accepted a request to rule on a CDX HY index constituent default - the first it has faced in the US since mid-2020

China builds wall of defaults as third real estate co triggers
Sunac China Holdings has become the third Chinese property company this year to trigger a failure-to-pay credit event

Credit hedge funds (May 2022)
Credit hedge fund returns  

Dispersion begets dispersion in mixed bag of fund returns
Idiosyncratic risks are set to rise in credit, with fund managers becoming occupied with tail risks, and that has been seen in a scattered set of March hedge fund returns

German real estate co volatility spikes after auditor refuses earnings sign off
Adler Group has hit new levels of volatility in financial markets after auditor KPMG refused to certify the company's full-year 2021 results and board members offered their resignations

German real estate co troubles mount on short-seller response and earnings no-show
Friday is proving a bad day to end a bad week in a bad year for Germany's Adler Group, with debt risk measures hitting new levels as short-seller Viceroy responds to the firm's recent investigation by KPMG and the market rumour mill goes up a gear

Domino effect as third Chinese property credit event question topples onto DC's pile
Sunac China Holdings has become the third Chinese property company in as many months to be proposed to the Credit Derivatives Determinations Committee as a potential credit event

SEC's CDS proposals could impede market rather than help it: Barclays
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday

Earnings wait puts German firm’s investors in real state
The credit market’s brief relief rally on Thursday morning has given way to a resumption of the bearish run, with one European high yield borrower entering dangerous territory and Tesla coming under pressure in US credit after its share price took a hit

German property co hits new wides as investors scrutinise investigation report
The bearish momentum that gripped financial markets on Friday has spilled over the weekend into Monday's session, with an especially big move in the debt of one German real estate borrower taking it to worrisome spread levels

Potential failure to pay has occurred on Russian CDS, says Determinations Committee
The Russian Federation is moving closer to triggering a credit event on foreign debt, with the Credit Derivatives Determinations Committee having ruled a potential failure to pay has occurred

RusRail no-auction vote means CDS holders must track down bonds
Russian Railways CDS contracts will not be settled via auction despite the borrower having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

Credit hedge funds (April 2022)
Credit hedge fund returns

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte

DC accepts request to rule on Russian repudiation / moratorium
The Russian Federation is subject to credit event scrutiny over warnings it could repay foreign bond investors in rubles, with the Credit Derivatives Determinations Committee agreeing to rule on a 'potential repudiation / moratorium' question

German real estate firm leads way as credit makes another lurch tighter
Adler, the German real estate investment group, is among the outperformers in Friday's rallying credit market, despite an audit by KPMG having been unable as yet to refute allegations made against the company

Credit hedge funds (March 2022)
Credit hedge fund returns

Yuzhou has no use for CDS auction despite triggering contracts: DC
Yuzhou Group will not require an auction to settle CDS contracts despite having triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled

Russia debt hits default levels amid FX and asset lock-up
Russia appears to be on the brink of default on its debt, with bonds and CDS pricing in the likelihood of an imminent trigger

Ukraine crisis takes EU and Russian markets into new territory
Credit spreads went back to the wides again on Monday, after the European Union intensified its pressure on the Russian economy and reached an unprecedented agreement to supply Ukraine with weapons

French co rattles investors on micro level as Russia overclouds macro
After a cautious opening, investors in the European credit market have resumed hedging as western leaders continue to talk up the prospect of Russia invading Ukraine and the Kremlin has dismissed hopes of a Biden-Putin summit as premature

Asian property co default in crosshairs as DC agrees to rule on failure-to-pay
Yuzhou Group is under consideration as a default trigger for CDS contracts, after the Asia Ex-Japan Credit Derivatives Determinations Committee agreed to rule on failure-to-pay question

Ukrainian volatility speaks loud and clear after Russia talks fail
Ukrainian and Russian credit are ending the week with renewed volatility, as failed attempts at diplomatic talks appeared to exacerbate rather than simmer down tensions between the countries

Saipem extends recovery as credit market stabilises
Saipem is the credit market's main mover on Thursday in a flatter day for spreads following recent volatility