Marathon ditches distressed strategy to raise USD 2.7bn for opportunistic credit
EXCLUSIVE: The asset manager originally launched the fund with a distressed debt strategy but has since switched the focus to making opportunistic private credit and equity investments  

European direct lending firms raise record funds in third quarter
European direct lending fundraising jumped up a notch last month, as year-to-date figures almost doubled in a few final closes

European distress remains muted but trouble is brewing in Industrials
European Industrials rose to be the second most distressed sector in August, according to a new report based on the Weil European Distress Index

BNP Paribas AM raises EUR 90m for private debt fund of funds
A new fund of funds from BNP Paribas AM will target European special situations by investing in 6 to 8 private debt funds 

Connecticut pension allocates USD 300m to Oaktree’s distressed credit fundraising
Connecticut pension system commits to Oaktree latest flagship distressed credit fund

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Russia auction prep on pause after last minute scramble
The Credit Derivatives Determinations Committee has put on pause its preparation for a credit event auction to settle Russian Federation CDS, amid reports the country has made good on sovereign debt payments right at the wire

Russia extends rally as DC rules against repudiation / moratorium
Russian Federation CDS contracts rallied strongly for a second day on Thursday, after the Credit Derivatives Determinations Committee ruled a repudiation / moratorium had not occurred on the country's sovereign debt

Europcar auction faces challenge with tight turnaround
The Emea Determinations Committee has little time to settle a challenge on Europcar Mobility Group deliverable obligations if an auction to settle CDS contracts referencing the defaulted French vehicle hire firm is to take place on time this week

Europcar posed as failure to pay credit event
Europcar Mobility Group has been proposed to the Emea Determinations Committee as a failure to pay credit event, following the French vehicle hire firm's announcement of a financial restructuring

Selecta CDS auction date set with revised deliverables process
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32

Europcar slumps closer to default pricing in bonds and CDS
Europcar, the French car hire firm, is heading fast towards recovery-only levels with CDS and bond prices reflecting deeper distress

Matalan auction initial bids point to lower than expected CDS pay out
Early bidding in a credit event auction today to settle CDS referencing UK retailer Matalan indicates the final result will be higher than predicted by recent five-year quotes but roughly in line with modelled recoveries

Europcar restructuring plans send bonds and CDS into skid
Europcar Mobility Group's bonds have plummeted and CDS referencing them have gapped wider after the French car hire firm said it will open talks with creditors about a debt restructuring

Hema and Matalan deliverable lists outline payouts for CDS
Only one bond looks to be deliverable into a credit event auction to settle Hema CDS contracts, while two notes will be deliverable into Matalan CDS contracts

Ensco CDS leap wider on credit event trigger
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event

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