Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Ukraine triggers restructuring credit event
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments

Bardin Hill holds first close for second opportunistic credit fund
Bardin Hill Investment Partners has held a first close for its second opporunistic credit fund, with around $300 million in capital commitments

Ukraine posed as credit event after country defers debt
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments

"The equity IRRs of enhanced CLOs are nearly all in the bottom decile of the market"

German firm takes big hit even as most of Europe gains ground
Adler was an outlier in Thursday trading as it bucked overall market improvement following the collapse of a deal to sell shares in a subsidiary. But the Bank of England soon took the shine off credit sentiment in any case

Powerlong joins rising pile of Chinese real estate casualties
Powerlong Real Estate Holdings is the subject of a failure-to-pay credit even question – a potential trigger that would build the pile of Chinese real estate debt defaults the Determinations Committee has considered since December to six, with five this year

Lenders fume over Avaya ebitda miss weeks after issuing loans
Avaya’s lenders are considering legal options after the company slashed its ebitda projections just a few weeks after issuing a $350 million term loan paying Sofr plus 1,000 basis points

Credit funds at a glance (August 2022)
A round up of fundraising and people moves in credit
   

Credit hedge funds (August 2022)
Credit hedge fund returns  

Fund performance: Select funds shine in dreary June for credit hedge funds
Credit funds suffered through June, as only 8% of listed funds reached the black. This made June the fourth month in a row in which negative returns increased

Balbec collects $1.5 billion for fifth mortgage and consumer loan fund
Balbec will invest through a new fund across residential, commercial, and consumer whole loan portfolios and across the performance spectrum including “assets subject to bankruptcy or other structured repayment plans"

Arena collects $930 million for second opportunistic credit fund
Arena has made a final close on a fund and surpassed the target it set at its first close in July last year

Ares plans four credit fund launches amid strong deployment
Ares Management benefitted from strong private credit deployment in the quarted and unveiled plans to raise its sixth European direct lending fund, second flagship closed-end alternative credit fund and third US junior capital direct lending fund

Invesco holds final closed for distressed fund at $644 million
Invesco has made a final close of its global distressed credit and special sitiations fund known as Invesco Credit Partners Fund II

BlackRock closes £1.7 billion private debt fund with wide mandate for UK pensions
The firm has deployed around 60% of the fund, which invests across US and European direct lending, US and European real estate debt and the firm’s global opportunistic strategy

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Russia CDS auction deliverables list takes shape after sanctions licence
Russian Federation bonds cleared by Euroclear may be the only deliverable obligations to settle sovereign CDS contracts referencing the country, the Emea Determinations Committee has said, although it is also considering Clearstream listed bonds as it moves forward with preparations for a credit event auction

Russia CDS settlement receives boost from US sanctions update
The long wait to settle CDS contracts referencing the Russia Federation could soon be over, with previous uncertainty over how US sanctions would impact a credit event auction apparently having been addressed

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Five credit managers win nearly $1 billion from UK pension pool
Five private credit funds emerged as winners after UK pension pool Border to Coast revealed $1 billion in a wide variety of private credit commitments