CDX HY and tranches hit as Whiting protection buyers win big pay-out
Whiting Petroleum CDS have settled at a final price of just seven cents, meaning a 93 cents pay-out to buyers of protection on the Denver headquartered exploration firm

Whiting CDS heads to auction, with Morgan Stanley joining bidders
The credit event auction to determine Whiting Petroleum CDS takes place today, with Morgan Stanley added to participating bidders and the pay-out to protection buyers expected to be as much as 90 cents in the dollar 

Frontier CDS auction final list points to 75 cent pay-out
An auction next week to settle Frontier Communications CDS will have 20 deliverable obligations, according to a final list published by the Americas Determinations Committee. The cheapest of these suggest a payout on CDS of around 74.5 cents

Ecuador CDS auction has 10 bonds with only three-cent range
There are 10 bonds on an initial list of deliverable obligations to settle Ecuador sovereign CDS at auction, with the cheapest of these likely to recover at less than 29 cents

Mood lifts on stressed credits as European high yield leads rally
Some of the widest trading companies in European credit made a sharp move tighter on hopes of government support extending into high yield, as rallying momentum picked up this morning across the market before a US-led reversal

Diamond set to be fourth CDS auction in May
An auction to settle CDS referencing Diamond Offshore Drilling will take place on 22 May, the Americas DC has said, adding to auctions earlier in the month for Whiting Petroleum, Frontier Communications and Ecuador

Ecuador CDS gaps tighter as it heads to credit event auction
CDS referencing Ecuador sovereign bonds are rallying sharply, just as the Americas Determinations Committee set a date for them to be settled at a credit event auction

Selecta and Southwest battered as market trades flat as a pancake
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners

Europcar on the move with Spanish and shareholder support
Europcar Mobility Group is among the biggest movers today in bonds and CDS, after the French car rental company obtained Spanish government support and shareholder Eurozeo confirmed it would take part in a financing plan

HY tranche traders face another cut as Diamond hits the rough
US high yield index CDX HY has suffered its third constituent credit event in a month, after Diamond Offshore Drilling filed for chapter 11 protection in the Southern District of Texas. This is also the fifth default to hit on-the-run CDX HY tranches

Ecuador has triggered CDS contracts, says Determinations Committee
Ecuador has triggered a restructuring credit event, the Americas Determinations Committee has ruled

Credit keeps its own rhythm amid oil crash and EU clash
As another week of worry and disappointment ends, the most optimistic thing that can be said for credit is the new peak spreads are lower than those that went before - suggesting a more manageable level of volatility is starting to characterise the market

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

Whiting CDS auction delayed as bonds slump to single digits
The Determinations Committee has voted to postpone by a week an auction to settle CDS referencing Denver headquartered exploration firm Whiting Petroleum

Eight bidders line up for Lebanon CDS auction as Morgan Stanley joins
Tomorrow's auction to settle Lebanon sovereign CDS will have eight participating bidders, after the Determinations Committee voted to add Morgan Stanley to the list

Frontier CDS auction to follow Lebanon and Whiting Petroleum
An auction to settle CDS referencing Frontier Communications will take place next month

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Extreme gap opens for basis traders as relief packages cause distortion
Evidence abounds for how government and central bank interventions in the coronavirus crisis are distorting credit markets, but one clear signal is the flip-around of the basis between corporate bonds and CDS in recent days

Whiting initial list points to 90 cent CDS pay-out
Four bonds have made it onto an initial list of deliverable obligations for an auction to settle CDS referencing Whiting Petroleum, which triggered a bankruptcy credit event earlier this month

Frontier triggers credit event but HY equity tranches outperform
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low

Matalan default risk jumps as market mood dampens
UK retailer Matalan is a big decliner today in bonds and CDS, as positive sentiment ebbs from the credit market after the recent strong rally

Equity tranche hits stack up with Frontier Communications bankruptcy
One of the longest anticipated credit events in the US high yield universe appears to have come to pass, with Frontier Communications filing for chapter 11 bankruptcy protection

Date set for Whiting Petroleum credit event auction
Dealers will hold a credit event auction on 29 April to settle CDS referencing bankrupt US firm Whiting Petroleum, the Americas Determinations Committee said

Argentina has not triggered repudiation/moratorium credit event, rules DC
Argentina's decision to withhold payments on its 'AF20' bonds has not triggered a repudiation/moratorium credit event, the Americas Determinations Committee has ruled

Europe/US credit gap extends as coronavirus curves part ways
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US