BTIG founds European fixed income credit division and adds four traders
The London-based division will be led by Michael Carley, who BTIG hired last year as a fixed income managing director in New York

Carlyle hires to New York credit opportunities team
Carlyle has appointed a former Guggenheim official to its credit opportunities team in New York

"Ultra-fast" pre-pack bankruptcy will flourish in private credit, says Proskauer
Prepackaged and pre-negotiated bankruptcy strategies will emerge as strong contenders for Chapter 11 cases involving private credit deals in the next restructuring cycle, according to a note published by law firm Proskauer

US pension seeks private debt manager
The Massachusetts Water Resource Authority Employees’ Retirement System has launched a request for proposals searching for an investment firm to manage a private debt and private equity mandate

Thomas Cook CDS settles with higher than expected recovery
CDS referencing Thomas Cook Group settled with a final price of 10.125 cents at yesterday's credit event auction, making the high pay-outs to protection buyers still less profitable for them than had been expected

Thomas Cook CDS auction sets initial midpoint at nine cents
An auction to settle CDS referencing Thomas Cook Group has derived an initial market midpoint of 9.125 cents, implying protection buyers will receive a pay-out on contracts in the region of 89 cents

Distressed loans get IHS Markit workover as tech service aims to cut settlement times
IHS Markit is unveiling an electronic solution through its ClearPar platform aimed at simplifying trade settlement for distressed leveraged loans, an area that has greatly lagged efficiency in the par loans market    

Crestline targets $1.75 billion for 'all weather' fund but investor questions fund size
Crestline Investors is seeking $1.5 billion capital ($1.75 billion hard cap) for its next 'all weather' global special situations fund, Crestline Opportunity Fund IV, with the Fort Worth-based firm looking to hold a final close in October 2019. But one institutional investor has raised concerns about the size of Crestline's latest fundraise.

JP Morgan AM closes first special situations fund
JP Morgan Asset Management has held a final closing for its first special situations fund, with more than 50% of investors backing the fund to be first-time investors in a JP Morgan Alternatives fund

Crestline bags $360 million for inaugural European opportunities fund
Crestline Investors has held a final close on its inaugural European special situations fund, Crestline Opportunity Fund III Europe, at $360 million, surpassing its original $300 million target size

Highland LP’s bankruptcy could trigger power grab, as hunt for assets begins
Creditors to Highland Capital Management's limited partner subsidiary are calling for a change of management to handle the firm's emergence from bankruptcy protection

Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction

Maine pension boosts alternative credit bucket with $50 million US special situations mandate
The $14.9 billion pension fund continues to be underweight its 5% target allocation to alternative credit 

Thomas Cook CDS auction set for two deliverables
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations

US university backs Kayne's mid market fund
The University of Michigan Regents has committed $25 million to  mid market fund with a flexible remit 

Direct lending across the Atlantic: Creditflux unveils two direct lending reports
Creditflux is pleased to unveil two direct lending reports with the third edition of European Direct Lending Perspectives now available, along with the inaugural US Private Credit Perspectives report.

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

Ropes & Gray adds two global finance partners in New York
The law firm has poached two partners from Willkie Farr & Gallagher

Thomas Cook ruling puts 2014 format CDS contracts back in the money
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name

Njord closes second European special situations fund at €271 million
Njord Partners has closed its second special situations fund, Njord Partners Special Situations Fund II, at €271 million

CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

Narrowly tailored event protocol set to go live in weeks
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.

Roll week leaves CDS in strange places
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times. 

Fund performance
A round-up of fund performance

Ucits at a glance
A round-up of ucits fund performance