DC makes inverted engagement with Top Gun CDS auction amid settlement challenges
The EMEA Determinations Committee has reconsidered its decision not to hold an auction for CDS referencing Top Gun Realisations 61, after market participants complained of challenges in settling transactions on the defaulted entity

Texas pension awards $250 million to US lending fund
Texas County & District Retirement System has awarded $250 million to a special situations fund managed by Silver Point Capital. The commitment will sit in its direct lending bucket

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

Lenders DIP their hands in pockets

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance
A round-up of fund performance

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