Sear-iously? Isda slams ex-CFTC commissioner over CDS "hyperbole"
The International Swaps and Derivatives Association has waded into a gathering furore over Sears Roebuck Acceptance Corp credit default swaps

Sears CDS settlement extends to 2019 as external review teams line up
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

Astaldi CDS auction sets 30.875 final price as physical settlement boosts recovery
An auction today to settle credit default swaps referencing Astaldi has determined the final price to be 30.875 cents on the euro, meaning a 69.125 cents pay-out per euro for protection buyers

Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

CLO managers on alert as five credits drive Crossover index rout
Five constituents of iTraxx Crossover have hit big bumps this week, fuelling a noticeable underperformance of the European credit default swap index against its US counterpart yesterday in a reversal of the recent trend

10 bidders line up for Astaldi CDS auction as Morgan Stanley swaps in for Mizuho
There will be 10 participating bidders to an auction to settle Astaldi credit default swaps, with the Determinations Committee unanimously approving Morgan Stanley’s involvement as Mizuho dropped out

Astaldi credit event auction deadline looms for participating bidders
Firms wishing to take part next week in a credit event auction to settle Astaldi credit default swaps have until 5pm London time today (23 November) to submit participating bidder letters to the Determinations Committee

Till debt us do part: CLOs have and hold David's Bridal loans as they plummet 10.87%
CLOs hold $26.63 million exposure to David’s Bridal, which filed for Chapter 11 bankruptcy on Monday

September: fund performance

Seven deliverables valid for Sears CDS auction, as seven others split DC panel
There will be seven obligations deliverable into an auction on 14 November to settle credit default swaps referencing Sears Roebuck Acceptance Corp, the Americas Credit Derivatives Determinations Committee has decided. But members of the 15-strong DC were split over whether to include another seven potential deliverables that did not make the cut

Pimco generates listed opportunistic energy credit fund
Pimco is eyeing the energy sector for a new opportunistic credit fund, according to US regulatory filings.

Still weighed down by 2015 oil price slump
It’s three years since the depths of the oil crisis but offshore service companies — such as the helicopter businesses that transport workers to oil rigs — are not seeing lift-off in prices or profits

August: fund performance
CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

Astaldi credit event question posed as its distress weighs on iTraxx Crossover
Astaldi, a constituent of iTraxx Crossover, has been referred to ISDA-hosted Credit Determinations Committees as a possible bankruptcy credit event – less than two weeks after the index rolled into a new series

Lord Abbett markets new credit interval fund
The asset manager becomes the latest to join the interval fund rush 

CIFC hires team of four for distressed credit push
CIFC, a manager specialising in US corporate and structured credit, is building out its distressed debt capabilities with four senior hires in anticipation of a maturing credit cycle

M&G targets £250 million for UK-listed multi-strategy credit fund
M&G is targeting £250 million (£328.6 million) for a new closed-end investment trust, which will be listed in the UK

BTIG brings in high yield and distressed sales specialist
BTIG has strengthened its credit team with the appointment of a managing director focused on high yield and distressed sales

American Beacon teams up with Apollo for credit interval fund
Regulatory filings reveal that Apollo will allocate assets across four main areas: US corporate credit, global corporate credit, structured credit and real estate credit

Texas pension awards $175 million to distressed debt and strategic credit
The $30.1 billion Texas pension fund has mandated $175 million to Arbour Lane and Marblegate 

Rolling the dice on Turkey and Italy
Gambling specialists with operations around the Mediterranean are facing political risks and currency falls – but there are opportunities to hit the jackpot if investors play their cards right

BlueBay aims to capitalise on volatility with diversified alternative credit fund
The new Icav QIAIF will invest in a range of sub-strategies including global credit alpha, global long/short, event driven credit and emerging market credit alpha