Europe vs US arb hits resistance as dislocation becomes more extreme
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

Shimao credit event auction not needed, rules DC
Holders of CDS protection on Shimao Group Holdings will have to physically settle contracts

EU inflation prints frame challenge ahead as horror show first half ends
Financial markets are heading into the weekend with a rare stationary session, but the mood is more one of shellshock than considered positioning, after one of the worst first halves to a year on record

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Chinese property industry suffers fourth credit event of year
Shimao Group Holdings has triggered a failure-to-pay credit event, making it the fourth Chinese property firm this year to do so

Property firm's troubles mount while rest of market rallies
Financial markets have opened the week brightly on a mix of improved sentiment and technical repositioning. But one European high yield company is heading further into stress, against the flow

Real estate stock manoeuvre sparks credit spread blow out
Adler Group's move to 'squeeze out' equity from a subsidiary business has prompted a sharp sell off in bonds and CDS attached to the company

Manager selection stakes are heightening as CLO pain points intensify: Barclays
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists

Fourth Chinese real estate firm posed as credit event
Shimao Group Holdings is the subject of a failure-to-pay credit event question, making it the fourth Chinese property firm this year to be referred to the Credit Derivatives Determinations Committee

Internet company triggers restructuring credit event at third time of asking
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event

Revlon spares no blushes for CLO managers in filing for Chapter 11
Troubled lender Revlon Consumer Products filed for chapter 11 bankruptcy late Wednesday night. The default is likely to have a weighty impact on the CLO market 

Bayside distressed debt official earns promotion to MD
HIG Bayside Capital has promoted a figure who has worked in its European distressed debt  business for over a decade 

Russian credit event auction plans put on hold after US sanctions update
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction

Talen bond squeeze brings low auction pay-out for protection holders
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper

Bain collects $2 billion for second Asian special situations fund
Bain Capital has collected more than $2 billion for its second special situations fund, Bain Capital Special Situations Asia Fund II. The vehicle had an initial $1.5 billion target

DC explains Russian credit event ruling - but not sole member opposition
Factors backing Russian Federation’s credit event trigger have been outlined by the Credit Derivatives Determinations Committee, but without giving any explanation for Citi’s decision to vote against the decision

JP Morgan AM targets global special situations after $2.4 billion raise
JP Morgan Asset Management says it has raised $2.4 billion for Lynstone Special Situations Fund II to invest in stressed, distressed and event driven situations

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

Dealers gear up to settle first CDS auction of 2022
A credit event auction this week to settle Talen Energy Supply CDS will have 13 deliverable obligations, with the Credit Derivatives Determinations Committee having published its final list

Russia triggers failure-to-pay credit event
The Russian Federation has triggered a failure-to-pay credit event on sovereign bonds, the Credit Derivatives Determinations Committee has ruled – marking an historic moment that caps off a long run of deliberations on the country’s international debt since it invaded Ukraine on 24 February

Talen Energy CDS deliverables list shortens on lack of docs
A credit event auction next week to settle Talen Energy Supply CDS could have fewer deliverable obligations than previously indicated, with three from the preliminary list not having made it onto the Determinations Committee’s initial list

Leucadia seeds European distressed and credit opps firm Pearlstone
New opportunistic credit firm Pearlstone Alternative has received backing from Leucadia Asset Management in the form of seed capital and distribution services

LP round up: Oak Hill wins $300 million for strategic credit and Arcmont eyes fund four
US investors allocated nearly $1.5 billion to credit funds in May, with managers to win mandates including: 400, Accel-KKR, Advent, Arcmont, ArrowMark, Comvest, Edelweiss, Francsico, Oak Hill, Sixth Street and Sprott

Russia sanctions cause non-payment concerns for Europe
The European CLO market is having to continuously wrestle with an evolving sanctions regime following Russia’s invasion of Ukraine, with concerns that non-payment by or to sanctioned entities could disrupt cashflows