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

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

Credit hedge funds (June 2022)
Credit hedge fund returns

   

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

Dealer list builds for year's first credit event auction
A credit event auction next week to settle Talen Energy Supply CDS contracts looks set to have 10 participating dealers, with two banks having been added to the regular list

Retailers, travel cos and Italian banks lead charge as market rally accelerates
Retail companies have been resurgent on Thursday as the credit market’s relief rally gathered pace, with Europe seeking to catch up with the US following its strong surge

Talen credit event auction deliverables point to 47 cent recovery
Talen Energy Supply’s credit event auction looks set to have 16 bonds deliverable, including senior unsecured notes that are priced much lower than its senior secured, according to a preliminary list published by the Americas Determinations Committee

Angelo Gordon closes $3.1 billion credit solutions fund in seven months
Fundraising for AG Credit Solutions II means the firm’s all-weather distressed and special situations platform has grown to $11 billion.

Pantheon exceeds $500 million target for second private debt secondaries fund
Pantheon has held a final close of its second private debt secondaries fund, Pantheon Senior Debt II, at $834 million

Property giant takes a tumble as European fortunes diverge
Adler Group, the German real estate giant, is once again coming under intense pressure in the credit market amid reports the country’s financial watchdog has begun a criminal investigation into its dealings

US retailers hit hard as inflation and dollar spark big sell-off
Inflation worries and a strengthening US dollar have once again upended the credit market’s fragile confidence, taking spreads on a violent lurch wider with the US underperforming Europe

CLO managers in the mix for first US credit event auction since 2020
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently

Talen triggers first index-hitting credit event since Europcar
Talen Energy Supply has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, making this the first default to hit US high yield index CDX HY since September 2020 and the first to hit a CDS index since January last year

CDX HY faces first constituent default since 2020
The Americas Credit Derivatives Determinations Committee has accepted a request to rule on a CDX HY index constituent default - the first it has faced in the US since mid-2020

LP round up: Apollo and Silver Rock win over $1 billion as pensions plough into private debt
Institutional investors allocated at least $2 billion to credit funds in April, according to Creditflux data, with Apollo and Silver Rock emerging as big winners

Fund performance: Credit bounces back from February blues
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month

Credit hedge funds (May 2022)
Credit hedge fund returns  

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

Dispersion begets dispersion in mixed bag of fund returns
Idiosyncratic risks are set to rise in credit, with fund managers becoming occupied with tail risks, and that has been seen in a scattered set of March hedge fund returns

Russia auction prep on pause after last minute scramble
The Credit Derivatives Determinations Committee has put on pause its preparation for a credit event auction to settle Russian Federation CDS, amid reports the country has made good on sovereign debt payments right at the wire

Russia looks to avoid default as deliverable list points to 27-cent recovery
The Credit Derivatives Determinations Committee has published a preliminary list of bonds it deems deliverable into Russian Federation CDS contracts, even though reports suggest Russia may have avoided default with just one day left on the country's grace period for overdue international bond payments

SEC's CDS proposals could impede market rather than help it: Barclays
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday

Earnings wait puts German firm’s investors in real state
The credit market’s brief relief rally on Thursday morning has given way to a resumption of the bearish run, with one European high yield borrower entering dangerous territory and Tesla coming under pressure in US credit after its share price took a hit