DC rejects Valaris credit event request
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

Hertz CDS widens sharply ahead of auction with DC challenge unresolved
The Americas Determinations Committee has extended its deadline to resolve a challenge to obligations for next week's Hertz Corp CDS auction

Bond and CDS surge caps remarkable chicken run for Boparan
Boparan, the UK-based restaurant group and chicken supplier, has surged tighter in bonds and CDS today, capping a remarkable turnaround in recent months for a company that had long been one of the riskiest in the European high yield universe before the coronavirus outbreak

US jitters set in ahead of monthly options expiry
A gap has opened up again in the performance of European credit versus US ahead of this month's CDS options expiries, after a shakier trading session in New York yesterday

DC sets tight deadline to resolve Hertz challenge
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction

SocGen promotes cross-asset solutions specialist
Societe Generale has named a global head of economics, cross-asset and quant research

Deutsche Bank hires CDS index and single name trading head
Deutsche Bank has bolstered its CDS market making capabilities with the hire of a head of US index and single name trading.

Hertz Corp CDS auction faces delay amid deliverables challenge
The Americas Determinations Committtee has received a challenge to obligations submitted for use in an approaching auction to settle Hertz Corp CDS

California Resources auction set as CLOs hold loans and recoveries look low
The Americas Determinations Committee has set a date to resolve CDS referencing California Resources Corp, which has triggered a failure-to-pay credit event

Big reverse rally as hopes rise for US stimulus
Credit markets are rallying sharply today, along with rising stocks, on expectations the US is about to deliver another stimulus package to help address the damage caused to its economy by covid-19

Bond selling pushes down Argentina CDS auction final price
An auction on Friday to settle Argentina sovereign CDS returned a final price of 31.5 cents, three points lower than initial bidding due to a large physical settlement interest to sell bonds

Relief rally follows relative value trading on US/Europe credit and tranches
Credit markets look set to end the week on a cautious retracement tighter, after several sessions of heavy reminders the coronavirus crisis is far from over and that sector/geographical selection remains important

Sculptor CEO Shafir to step down with CIO taking dual role
Sculptor Capital Management has announced that its chief investment officer will take also take on the role of chief executive officer, effective 1 April 2021

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

Market sell-off takes Europe on convergence path with US
Convergence between European and US credit has gathered pace, with the differential between both investment grade and high yield CDS indices reaching new recent tights

Tale of two defaults as JC Penney and Hertz recoveries diverge
A credit event auction to settle JC Penney will take place today, with the pay-out to CDS protection buyers looking likely to be the highest for over a year - a tall order given the paltry recoveries of recent US high yield defaults

Intelsat CDS set for deemed auction today at 100% recovery
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said

Convergence trades in focus as US high yield wobbles at the tights
US convergence with Europe is the theme of this week, at least in high yield, with CDX HY having narrowed to within 80bp of iTraxx Crossover 

Argentina triggers failure-to-pay credit event
Argentina has triggered a failure to pay credit event on its sovereign CDS, the Americas Determinations Committee has ruled

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

US lags as credit explores three-month tights
Credit markets in Europe and Asia have begun June on a rally to their tightest levels in nearly three months, with optimism over reopening economies outweighing concern about US/China trade negotiations. But US credit looks set for a more cautious opening, after a weekend of widespread protests and rioting

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

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

Saba launches new credit hedge fund
Saba Capital has raised at least $165 million for a new credit hedge fund,