Chesapeake default takes CDS auctions to eight-year high
Chesapeake Energy has been confirmed as the latest CDX HY index constituent to require settlement at auction, after the Americas Determinations Committee ruled it has triggered a bankruptcy credit event

California Res deliverables list points to 98 cents CDS pay-out
Three bonds have made it onto the final list of obligations to settle CDS referencing California Resources Corp, which triggered a failure-to-pay credit event earlier this month

Chesapeake bankruptcy points to hit for CDS and loan holders
Chesapeake Energy looks set to become the latest in a string of defaults to hit US high yield index CDX HY, after the Oklahoma City headquartered shale producer filed for chapter 11 protection

Wirecard bankruptcy credit event question put to DC
Wirecard, the German digital payments company at the centre of a €2.1 billion accountancy scandal, has been posed as a bankruptcy credit event to the Determinations Committee for Europe, Middle East and Africa

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

Ouch it Hertz! CDS auction result hits index and protection sellers
Hertz Corporation CDS has been settled at auction at 26.375 cents, much lower than protection sellers might have hoped for only last week. But the final price was slightly better than initial bidding signalled

VW gives EuropCar a lift
EuropCar is one of the biggest movers in the credit markets today, on reports that German carmaker Volkswagen is in talks to buy the French car rental firm

Pimco stands alone in Hertz CDS tussle as recovery hopes fall
The Americas Determinations Committee has resolved a challenge on Hertz Corp deliverable obligations in time for tomorrow's credit event auction. But it was not a unanimous decision, with Pimco voting against other members

LP round-up: Champaign pension raises a glass (or bucket) to private credit
Institutional investors allocated over $600 million to 11 managers this week, according to board documentation seen by Creditflux

DC rejects Valaris credit event request
The Americas Determinations Committee has rejected a request to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

Hertz CDS widens sharply ahead of auction with DC challenge unresolved
The Americas Determinations Committee has extended its deadline to resolve a challenge to obligations for next week's Hertz Corp CDS auction

Bain closes $3.2 billion special situations and distressed debt fund
Bain Capital Credit has closed the firm’s third dedicated distressed and special situations fund, Bain Capital Distressed & Special Situations 2019 (DSS 19), at $3.2 billion, above its $3 billion target size

Bond and CDS surge caps remarkable chicken run for Boparan
Boparan, the UK-based restaurant group and chicken supplier, has surged tighter in bonds and CDS today, capping a remarkable turnaround in recent months for a company that had long been one of the riskiest in the European high yield universe before the coronavirus outbreak

DC sets tight deadline to resolve Hertz challenge
The Americas Determinations Committtee has set a deadline of 5pm New York time tomorrow to resolve a challenge to obligations for next week's Hertz Corp CDS auction

Hertz Corp CDS auction faces delay amid deliverables challenge
The Americas Determinations Committtee has received a challenge to obligations submitted for use in an approaching auction to settle Hertz Corp CDS

California Resources auction set as CLOs hold loans and recoveries look low
The Americas Determinations Committee has set a date to resolve CDS referencing California Resources Corp, which has triggered a failure-to-pay credit event

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

Bond selling pushes down Argentina CDS auction final price
An auction on Friday to settle Argentina sovereign CDS returned a final price of 31.5 cents, three points lower than initial bidding due to a large physical settlement interest to sell bonds

SkyBridge slashes structured credit exposure by 32%
A New York-based fund of funds has slashed structured credit exposure by 32% since March while increasing distressed allocation by 16%, according to an investor letter seen by Creditflux. The fund is also rejigging the portfolio towards allocations with larger managers

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

Structured credit manager launches distressed fund
A structured credit focused manager is fundraising for a distressed credit fund

JC Penney CDS pays near 100% to protection buyers
JC Penney CDS has settled at auction close to zero, lower even than the paltry recoveries indicated beforehand

Francisco closes $750 million technology-focused credit opps fund
Francisco Partners has closed its technology-focused opportunistic credit fund, FP Credit Partners, at $750 million

Balbec holds $1.2 billion final close on fourth insolvency credit fund
Balbec Capital has held a $1.2 billion final close its fourth non-performing loan fund, InSolve Global Credit Fund IV

Tale of two defaults as JC Penney and Hertz recoveries diverge
A credit event auction to settle JC Penney will take place today, with the pay-out to CDS protection buyers looking likely to be the highest for over a year - a tall order given the paltry recoveries of recent US high yield defaults