Top Gun triggers credit event, but there's no debt in the barrel
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, has triggered a bankruptcy credit event, the EMEA Determinations Committee has ruled. But no CDS auction will follow since the reference entity has no debt outstanding

Texas pension awards $150 million to first distressed debt commitment this year
Texas County & District Retirement System (TCDRS) has awarded $150 million to global distressed debt fund, Davidson Kempner Long-Term Distressed Opportunities Fund V

Oceanwood carves out responsibilities after CEO sets sail to Cairn
Oceanwood Capital Management has decided to split the responsibilities of its former chief executive officer Nicholas Chalmers among two employees, according to market sources

Determinations Committee to rule on maverick bankruptcy credit event
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, is under consideration for a bankruptcy credit event trigger, after the Determinations Committee accepted a request to rule on the matter

Steinhoff credit event auction finally in sight after restructuring concludes
A long-awaited auction to settle CDS referencing retailer Steinhoff Europe has moved a step closer, with the EMEA Determinations Committee noting the restructuring effective date has happened and the company voluntary arrangement (CVA) has been fully implemented

Texas pension to invest up to $225 million in distressed debt
Investment consultant Cliffwater recommends an annual commitment of up to $225 million in distressed debt to Texas County & District Retirement System (TCDRS), according to documents seen by Creditflux

Boston-based pension backs Searchlight distressed fund
Cambridge Retirement System, the $1.27 billion pension fund, has committed $150 million to Searchlight Capital Partners III during the second semester of 2019, according to documents seen by Creditflux.  

Galapagos CDS settles higher than expected despite net interest to sell
Galapagos Holdings CDS settled at a price that, while low, was nonetheless higher than had been implied by initial markets despite a net open interest among participating dealers to sell the company’s bonds

Galapagos CDS auction kicks off with very low initial market midpoint
Bidding in a credit event auction today to settle Galapagos Holdings CDS has produced a very low initial market midpoint, suggesting there will be a high final pay-out to holders of protection

Galapagos CDS auction looms with Morgan Stanley added to participating bidders
A credit event auction tomorrow to settle Galapagos Holdings CDS will have 10 participating bidders, with Morgan Stanley having been approved by other dealers to take part

CIFC preps inaugural distressed debt fund
The New York-based firm is the latest in a line of managers to have begun fundraising for an inaugural distressed debt fund

Healthcare hits top of US critical list in slower month

Direct lenders brace themselves for distressed opportunities
Credit managers are launching distressed vehicles with a twist by narrowing their focus down to the direct lending market.

Sound Point swaps evergreen fund for drawdown
Sound Point Capital Management is dropping its evergreen distressed debt fund in favour of a vehicle that will employ a drawdown structure, as is customary for distressed strategies.

Fund performance: Mercury rises as does credit fund performance

Carlyle switches to corp structure as credit portfolio grows 31%
Carlyle Group is set to become a full C corporation, moving away from its publicly traded partnership structure, amid global credit portfolio growing 31% year-on-year, according to the investment firm’s 2019 Q2 results  

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

Galapagos CDS auction date set
Settlement of Galapagos Holdings CDS will take place on Wednesday next week (7 August), the auction’s administrator Creditex has said

BlueMountain lands senior credit trader in New York
BlueMountain has hired an experienced trader in New York to cover credit and special situations

Galapagos CDS set for high pay-out with one deliverable on initial list
Galapagos Holdings could have only the bond on which it defaulted as a deliverable obligation into an auction to settle its CDS

NEPC flags caution on leveraged loans and private credit
Private credit does not provide enough returns for the risk, according to the advisor to institutional investors

Utah fund set to invest $45 million across Beach Point and Crestline funds
The Utah School & Institutional Trust Fund Office is set to make commitments to credit funds managed by Beach Point Capital Management and Crestline Investors

Weatherford CDS auction delivers 55.5 cent pay-out to protection buyers
A credit event auction to settle Weatherford International CDS returned a final price of 44.5 cents on the dollar, lower than where bonds had been quoted and meaning a pay-out to protection buyers of 55.5 cents

Final list of deliverables published for Weatherford CDS auction
There will be 17 notes deliverable into an auction on Thursday to settle Weatherford International CDS, the Americas Determinations Committee has confirmed

Galapagos has triggered failure-to-pay credit event, says DC
Galapagos Holdings has triggered a failure-to-pay credit event on its 7% senior notes due 2022, the Credit Derivatives Determinations Committee has ruled unanimously