Credit market fails to decide on Caesars default
Differing grace periods for interest and principal trigger dispute over gaming company debt

Bond investors face near total wipe-out after Phones4U calls receivers
Bond investors face severe losses on bonds issued by UK phone retailer Phones4U after the company announced this morning that it is going into administration

Rescue rumours drive modest recovery in Phones4U
Traders say that bonds from troubled UK retailer Phones4U have bounced off their lows this morning

Retailer’s bonds tank after Vodafone says no more phones for you
The price of bonds issued by Phones4U collapsed yesterday after the UK retailer said that it had failed to renew a contract to sell Vodafone phones

SoftBank sees spreads jump in as it calls off US acquisition
Japanese telecoms firm sees spreads jump in as it calls off acquisition of US mobile firm 

Fiat offers record negative basis opportunity, says BNP Paribas
The cost of shorter-dated default protection on Italian car maker Fiat has fallen significantly below the price of the company's bonds, offering a negative basis trading opportunity  

Buy Wendel bonds ahead of upgrade says BNP Paribas
French investment company's bonds are likely to join cash index

Pages Jaunes debt restructuring triggers loan CDS
French directory firm uses novel process to force through restructuring

CDS widens on news of new Clear Channel bond
Texas-based media firm doubles bond offering, pushing spreads wider

Get paid to be short through loan-CDS trades, suggests Barclays
Sabre, Rite Aid and iStar Financial top the list of credits where being long loans and short through credit default swaps generates a positive carry

JP Morgan adds to coco valuation debate
Amid widespread uncertainty over how to value so-called alternative Tier 1 bank capital securities, JP Morgan has come up with a list of those it thinks are trading cheap to fair value and those that look expensive.

Junior tranche sell-off gathers pace as correlation dives
A sell-off in  junior tranches of the Markit iTraxx Main index gatthered pace in recent sessions, with the riskiest equity tranche being hardest hit as the long-running rally in the products decisively came to an end.

CDS committee asks for help deciphering OGX structure
Isda’s credit determinations committee has announced that it is not sure who the issuing entity is on certain OGX notes 

Societe Generale sees opportunities in the middle of the credit curve
Bank research argues that credit duration trades have missed out on intermediate maturity bonds

Latin American investors brace for continent's biggest default
OGX files for protection from creditors as company becomes largest Latin American corporate default

Switch bonds, says Barclays, as devices company braces itself for refi
Barclays research argues changes to DJO Global’s credit facility mean that sub notes could get called 

Barclays suggest switching from euro to US dollar bonds
The recent outperformance of European credit is driven by issuer volumes, and will correct, argues Barclays research. 

JC Penney spreads jump out again on credit squeeze rumours
Credit spreads widen as JC Penney is forced to deny allegations that funding for shipments had been stopped  

Exide files for bankruptcy after plant shutdown
US battery maker Exide Technologies files for chapter 11 bankruptcy after regulators close plant