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

Diamond auction settles CDS at 7.4 cents
A credit event auction to settle Diamond Offshore Drilling CDS produced a final price of 7.375 cents, resulting in a pay-out to protection buyers of 92.625

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

Intelsat CDS has no deliverables for an auction, says DC
CDS contracts referencing Intelsat Investments look to have no deliverable obligations, according to the Americas Determinations Committee, making a pay-out to protection buyers unlikely

Ecuador auction settles CDS at 34.9 cents
A credit event auction to settle Ecuador sovereign CDS produced a final price of 34.88 cents, closely reflecting where bonds had been quoted beforehand

JC Penney becomes seventh bankruptcy credit event to hit index tranches
JC Penney has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

RBC makes it three CDS auctions in a row after debuting this month
Morgan Stanley and Royal Bank of Canada have been added to the list of participating bidders this week for credit event auctions to settle CDS referencing Ecuador and Diamond Offshore Drilling

JC Penney bankruptcy weighs on CLO and CDX HY baskets
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday

Intelsat triggers bankruptcy credit event
Intelsat Investments has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

DC agrees to consider Intelsat bankruptcy credit event
The Americas Determinations Committee has accepted a request to rule on whether Intelsat Investments has triggered a bankruptcy credit event, after parent company Intelsat SA filed for Chapter 11 protection

Frontier CDS auction pays less than bonds had indicated
A credit event auction to settle Frontier Communications CDS produced a slightly better result than expected for protection sellers

Diamond deliverables point to 89 cents pay-out on CDS
An auction to settle CDS referencing Diamond Offshore Drilling looks set to have four deliverable obligations, all of which are quoted around 11 cents

DC sets Neiman Marcus CDS auction date
A credit event auction to settle Neiman Marcus CDS will be the fifth taking place this month

Frontier CDS to be settled today with RBC joining bidders
Frontier Communications CDS will be settled today in a credit event auction, with 10 dealers participating

Argentina retreats from wides as it allows more time on $65 billion question
Argentina sovereign CDS has eased back from its recent peak after the country extended the deadline to agree a debt restructuring with international bondholders

Ecuador auction final list points to 67 cents pay-out on CDS
A credit event auction next week to settle Ecuador sovereign CDS will have 10 deliverable obligations, according to a final list published by the Americas Determinations Committtee

Morgan Stanley joins bidders for Frontier CDS auction
Morgan Stanley has been added to the list of participating bidders for a credit event auction this week to settle Frontier Communications CDS

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

US retailer bankruptcy spells hit for CLOs and CDX HY tranches
US retailer Neiman Marcus's filing for chapter 11 protection opens the prospect of a fourth credit event in the CDX HY index and a sixth for on-the-run HY tranches, as well as a hit for CLOs

Credit hedge fund returns: March 2020 stats
Monthly performance across credit hedge funds

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

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

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