Angelo Gordon bolsters distressed debt team with hire from GSO
Angelo Gordon has bolstered its distressed debt and corporate special situations team with the appointment of a managing director

LP round up: Pimco gets the Disco started as distressed managers win allocations
Insitutional investors allocated just over $1 billion to credit funds last week, according to board documents seen by Creditflux, with special situation funds from Farallon, Pimco and SSG taking the bulk of these commitments

Argentina auction deliverables list points to lower recovery than CDS
Over 30 bonds have made it onto an initial list of deliverable obligations for an auction next week to settle Argentina sovereign CDS. These notes are mainly denominated in US dollars and euros, but some also in Japanese yen and Swiss francs

Intelsat CDS set for deemed auction today at 100% recovery
Intelsat Investments CDS will be settled today at 100% recovery through a deemed auction, the Determinations Committee has said

Pretium hires managing director for bankruptcy and distressed from Lehman Brothers Holdings
Pretium Partners has hired Lehman Brothers Holdings' bankruptcy and distressed debt specialist

Argentina triggers failure-to-pay credit event
Argentina has triggered a failure to pay credit event on its sovereign CDS, the Americas Determinations Committee has ruled

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

Default cluster brings warning for recoveries and operations
The pace at which credit event auctions stacked up in May sent investors a strong warning to review default and recovery expectations, as well as to ensure operational readiness after years of benign markets

RBC gets dressed for distress as it targets credit auctions
Royal Bank of Canada has emerged as a new entrant in the world of credit event auction bidding, a move that chimes with the bank’s recent push into distressed credit trading and suggests it sees a strong line of CDS settlement business in the coming months

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

Distressed debt managers eye CLOs' low single B loans
Opportunistic credit managers have been witnessing a heavier flow of triple C-rated assets emitting from CLOs since March, but they're finding lower single Bs to be a fresh source of deal flow

KKR raises $4 billion for coronavirus dislocation credit strategy
KKR has collected $4 billion to invest across credit opportunities in eight weeks– including $2.8 billion in its KKR Dislocation Opportunities Fund and over $1.1 billion from managed accounts

MGG targets $500 million for 'special opportunities' direct lending fund
MGG is launching a new direct lending fund that will target a higher risk-return profile than its flagship direct lending strategy

Investcorp launches Italian NPL fund
Investcorp has raised €340 million for an Italian non-performing loan (NPL) fund, following a similar strategy to a 2017 fund

Diamond auction settles CDS at 7.4 cents
A credit event auction to settle Diamond Offshore Drilling CDS produced a final price of 7.375 cents, resulting in a pay-out to protection buyers of 92.625

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

Apollo collects $1.75 billion for dislocation fund in two months
Apollo Global Management has taken eight weeks to raise $1.75 billion for a dislocation credit fund, Apollo Accord Fund III B

Intelsat CDS has no deliverables for an auction, says DC
CDS contracts referencing Intelsat Investments look to have no deliverable obligations, according to the Americas Determinations Committee, making a pay-out to protection buyers unlikely

Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Ecuador auction settles CDS at 34.9 cents
A credit event auction to settle Ecuador sovereign CDS produced a final price of 34.88 cents, closely reflecting where bonds had been quoted beforehand

Minnesota pension's 2020 credit allocations hit $1 billion
Minnesota State Board of Investments has earmarked $400 million across to two credit managers in a private market update. The commitments mark $1 billion allocated to credit in 2020 by the pension

JC Penney becomes seventh bankruptcy credit event to hit index tranches
JC Penney has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled