Valaris and Ensco posed to DC as bankruptcy credit events
Valaris and its subsidiary Ensco International Incorporated have been proposed to the Americas Determinations Committee as bankruptcy credit events after the group filed for chapter 11 protection in August

Europcar hits bumps on the road less travelled
A rough road for Europcar this week has taken its bond and CDS spreads back towards the outer reaches, setting the French car rental firm apart from a general improvement in fortunes for names at the wider end of the market

Matalan becomes first Crossover index default in over year
Matalan, the UK based retailer, is the first default to hit the on-the-run series of Europe's iTraxx Crossover index, with the Determinations Committee ruling it has triggered a bankruptcy credit event

Banks and high yield corps lead charge as results prompt European rally
High yield corporate credit is today's outperforming part of the market as European credit rallies back from its recent wides, as the latest round of earnings proves stronger than many had expected

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

Seven dealers sign up for Wirecard CDS auction
An auction tomorrow to settle Wirecard CDS will have just seven participating dealers - three fewer than has been customary in other recent credit event settlements

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

Wirecard CDS auction set to have two deliverables
Two notes look set to be deliverable into an auction to settle Wirecard CDS, according to an initial list published by the EMEA Determinations Committee

Chesapeake deliverables point to big pay-out on CDS
An initial list of deliverable obligations to settle CDS referencing Chesapeake Energy Corporation at auction points to a pay-out of over 97 cents to protection buyers - higher than where five-year contracts are priced

Wirecard triggers first European CDS credit event of 2020
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction

DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event

Wirecard bankruptcy credit event question put to DC
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa

Covid-19 second wave fears drive divergence as spread widening accelerates
This week's credit market sell-off has picked up pace, along with a fall in stocks, after the US Federal Reserve painted a pessimistic picture for economic recovery and concerns mount about a second wave of the coronavirus pandemic

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

CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event

Matalan heads deep into distress
Matalan, the UK retailer, is heading deep into distressed territory with its five-year CDS surging wider today

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

Renault hits bump in flat markets
The future of Nissan’s relationship with Renault has been in question since last year. But the likelihood of the companies parting ways has increased since Nissan’s former chairman Carlos Ghosn, who faced charges of financial crimes, fled from Japan to Lebanon in December

Credit traders' kickstand: European financials outperform as Trump-Xi meeting looms
Credit markets are finely poised going into the weekend, when US president Donald Trump’s crunch G20 meeting with Chinese president Xi Jinping likely could set the direction of trade from Monday

Rallye CDS auction price drops to 12.5 cents on unmatched sell requests
Rallye's credit event auction to settle CDS contracts produced a final price of 12.5 cents today, lower than the initial price set in the first round this morning of 14.975

Rallye CDS set for high pay-out with credit event auction underway
Rallye CDS looks set for a high pay-out to protection buyers after a credit event auction today to settle the contracts produced an inside market midpoint of 14.875 cents, slightly below where the retailer’s bonds have been quoted

Staples CDS comes unfastened as refinancing talks begin
CDX HY index constituent Staples is one of the biggest movers in CDS this week, following reports private equity owner Sycamore Partners plans on taking a $1 billion dividend recap from the US headquartered office supplier

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

Astaldi CDS holders face Thursday deadline on auction deliverables
Market participants with exposure to Astaldi have until 5pm London time tomorrow (8 November) to submit any other potential deliverable obligations into the auction to settle the company’s credit default swaps