Angelo Gordon wins third opportunistic credit mandate with US pension
The familiar tale of investors favouring existing relationships shows as Angelo Gordon recieved $25 million for an opportunistic credit fund from a pension with two existing commitments to the New York-based manager

Mood lifts on stressed credits as European high yield leads rally
Some of the widest trading companies in European credit made a sharp move tighter on hopes of government support extending into high yield, as rallying momentum picked up this morning across the market before a US-led reversal

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Diamond set to be fourth CDS auction in May
An auction to settle CDS referencing Diamond Offshore Drilling will take place on 22 May, the Americas DC has said, adding to auctions earlier in the month for Whiting Petroleum, Frontier Communications and Ecuador

Selecta and Southwest battered as market trades flat as a pancake
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners

Opportunistic credit funds take advantage of deal flow 'bonanza'
Opportunistic credit managers could emerge as big winners of the covid-19 crisis, if they raise money quickly to capitalise, as the pandemic sets off a chain of events causing severe financial stress in the market

HY tranche traders face another cut as Diamond hits the rough
US high yield index CDX HY has suffered its third constituent credit event in a month, after Diamond Offshore Drilling filed for chapter 11 protection in the Southern District of Texas. This is also the fifth default to hit on-the-run CDX HY tranches

Credit keeps its own rhythm amid oil crash and EU clash
As another week of worry and disappointment ends, the most optimistic thing that can be said for credit is the new peak spreads are lower than those that went before - suggesting a more manageable level of volatility is starting to characterise the market

SEC proposes new fund valuation framework
The US Securities and Exchange Commission has proposed a new framework for funds to determine fair value for assets for which market quotations are not readily available, which it says will "improve valuation practices and thereby protecting investors and improving market efficiency, integrity and fairness"

Angelo Gordon hires well-known credit strategist in New York
Angelo Gordon has hired an experienced credit strategist as a manging director in its investor relations team in New York

Whiting CDS auction delayed as bonds slump to single digits
The Determinations Committee has voted to postpone by a week an auction to settle CDS referencing Denver headquartered exploration firm Whiting Petroleum

Arcmont hires former Golub official as US sales head
Arcmont Asset Management has appointed a head of US sales, a spokesperson for the firm has confirmed

Frontier CDS auction to follow Lebanon and Whiting Petroleum
An auction to settle CDS referencing Frontier Communications will take place next month

Boston pension seeks distressed debt manager
Boston Retirement System is reissuing its private debt manager search and soliciting proposals from firms to manage a distressed debt mandate 

New Mexico pension allocates $235 million to credit
New Mexico Educational Retirement Board has allocated $235 million to three credit managers, a spokesperson for the pension has confirmed

Arbour Lane collects $1.2 billion for special situations fund
Arbour Lane Capital Partners has hauled in $1.2 billion on a final close of its opportunistic credit and special situation fund, Arbour Lane Credit Opportunity Fund II, exceeding its $750 million initial target size

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Extreme gap opens for basis traders as relief packages cause distortion
Evidence abounds for how government and central bank interventions in the coronavirus crisis are distorting credit markets, but one clear signal is the flip-around of the basis between corporate bonds and CDS in recent days

Whiting initial list points to 90 cent CDS pay-out
Four bonds have made it onto an initial list of deliverable obligations for an auction to settle CDS referencing Whiting Petroleum, which triggered a bankruptcy credit event earlier this month

BlueTorch's Genda details direct lending flows and pricing as he ramps up new fund
BlueTorch Capital has witnessed a 20% pickup in dealflow since covid-19 but, while the company's portfolio has avoided retailers, airlines and hotels, it has not gone unscathed, said chief executive officer Kevin Genda

Frontier triggers credit event but HY equity tranches outperform
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low

Equity tranche hits stack up with Frontier Communications bankruptcy
One of the longest anticipated credit events in the US high yield universe appears to have come to pass, with Frontier Communications filing for chapter 11 bankruptcy protection

Tennessee pension awards $125 million to special situations credit fund
Tennessee Consolidated Retirement System has awarded $125 million to a special situations credit fund 

General Atlantic teams up with Tripp Smith for $5 billion distressed debt fund
Private equity firm General Atlantic has partnered with GSO founder Tripp Smith to launch a $5 billion distressed debt fund to provide financing to covid-19 affected companies, according to the Wall Street Journal

Date set for Whiting Petroleum credit event auction
Dealers will hold a credit event auction on 29 April to settle CDS referencing bankrupt US firm Whiting Petroleum, the Americas Determinations Committee said