US university backs Kayne's mid market fund
The University of Michigan Regents has committed $25 million to  mid market fund with a flexible remit 

Direct lending across the Atlantic: Creditflux unveils two direct lending reports
Creditflux is pleased to unveil two direct lending reports with the third edition of European Direct Lending Perspectives now available, along with the inaugural US Private Credit Perspectives report.

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

Ropes & Gray adds two global finance partners in New York
The law firm has poached two partners from Willkie Farr & Gallagher

Thomas Cook ruling puts 2014 format CDS contracts back in the money
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name

Njord closes second European special situations fund at €271 million
Njord Partners has closed its second special situations fund, Njord Partners Special Situations Fund II, at €271 million

CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

Narrowly tailored event protocol set to go live in weeks
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.

Roll week leaves CDS in strange places
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times. 

Ucits at a glance
A round-up of ucits fund performance

Steinhoff CDS fails to (physically) deliver
A credit event auction for Steinhoff Europe revealed very little interest to physically settle CDS contracts, with only one request to buy and for just €8.4 million

Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management

Steinhoff CDS buyers set for low pay-out
A credit event auction to settle CDS referencing Steinhoff Europe has returned an initial market midpoint of 83.5, implying there will be a low pay-out of less than 17 cents for protection buyers on the defaulted retailer

We are not Thomas Cook speculators, says Xaia
Xaia Investment, a Munich-based fund manager, has refuted accusations it profited from Thomas Cook’s downfall by speculating on the company through CDS

Thomas Cook puts older and newer version CDS on separate planes
Thomas Cook’s filing for chapter 15 protection in New York last week means older version CDS contracts with a 20 September maturity triggered pay-outs, the Determinations Committee has ruled. But the worth of newer format CDS with the same maturity remains unclear ahead of a further DC meeting on Friday

Franklin Templeton reorganises long-short credit fund team
Asset manager Franklin Templeton Investments will make changes to the portfolio managers for the Franklin K2 Long Short Credit funds, effective from October

Thomas Cook CDS protection buyers could be left stranded
Thomas Cook Group’s triggering of a bankruptcy credit event spells a high pay-out for some CDS protection buyers, with implied recovery values heading towards zero. But the fate of contracts maturing at last week’s CDS roll still hung in the balance at time of press

Nine bidders for Steinhoff CDS auction as SocGen joins
Tomorrow’s auction to settle CDS referencing Steinhoff Europe will have nine participating bidders, after Societe Generale was added to the list

Deadline day for participating bidders as Steinhoff auction looms
Firms wishing to be participating bidders in Wednesday’s auction to settle Steinhoff Europe CDS have until 5pm today London time (12pm New York) to submit applications to the Determinations Committee

Thomas Cook credit event questions queue up as rescue talks collapse
The weekend collapse of UK travel operator Thomas Cook has brought two more requests for the Determinations Committee to rule on credit event triggers – one for bankruptcy and another for failure to pay

Thomas Cook credit event question travels beyond index roll, as Steinhoff deliverables finalised
An auction next week to settle Steinhoff Europe CDS will have two deliverable obligations, the Determinations Committee has confirmed. But resolution of a bankruptcy credit event question on iTraxx Crossover name Thomas Cook spills over beyond today’s roll into a new series, after the DC was unable to reach a decision this week

Michigan pension commits over $300 million to credit
State of Michigan Retirement System has earmarked $302 million for new commitments to credit during the period April to June 2019, according to a document seen by Creditflux.  

AnaCap hits €1 billion hard cap for European credit opps fund
AnaCap Financial Partners has exceeded its €750 million target size for AnaCap Credit Opportunities IV

Texas pension to lift direct lending budget to $250 million
Texas County & District Retirement System (TCDRS) is considering investment in a number of direct lending funds, with existing and new managers, according to documents seen by Creditflux  

Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York