Sona rolls out event-driven and bespoke financing fund to US investors
Sona Asset Management is courting investors in the US for its second capital solutions strategy, having filed an offering of the fund with the Securities & Exchange Commission

US and Europe divide honours between HY and IG as market rally extends
A second straight day of improvement is adding to this week’s gathering rally, but while US high yield is outperforming European the reverse is true in investment grade

Fidelity Investments eyes CLOs as part of multi-strategy credit fund
Fidelity Investments is preparing to launch a new multi-strategy credit fund, which will “opportunistically rotate across the entire credit spectrum”

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

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

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Franklin Templeton and Benefit Street launch credit interval fund
The pair have launched a multi-strategy credit interval fund named Franklin BSP Private Credit Fund, which will invest across US private credit

LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end

AnaCap's credit team spins out to form Veld
Veld, Veld, Veld. If it isn't AnaCap's former credit business

Ukraine auction settles CDS below expected recovery
An auction to settle sovereign CDS contracts referencing Ukraine produced a final price slightly below expectations, despite net buying demand for bonds to physically settle contracts

GoldenTree hits $3bn hard cap on distressed debt fund
GoldenTree Asset Management says it has closed its latest distressed debt fund, Distressed Fund IV, at its $3 billion hard cap

Ukraine auction looks set to avoid Russia-style bond squeeze
An auction to settle sovereign CDS contracts referencing Ukraine looks set to produce a final price much more in line with bond trading levels than the result earlier this month for Russian Federation contracts

Nomura readies multi-strat credit interval fund launch
Nomura Private Capital is readying the launch of a new, closed-ended interval fund which will invest across the credit spectrum - including bonds, loans, CLOs, distressed debt emerging market debt

Anchorage holds first close on credit opportunities fund
Anchorage Capital has held a first close on its latest credit opportunities fund, Anchorage Credit Opportunities Fund VIII

Arcmont raises €800 million for first capital solutions offering
Arcmont Asset Management has raised €800 million for its first capital solutions fund (including associated vehicles)

LP round up: Magnetar and Värde among winners as $3 billion flows to credit
Institutional investors allocated at least $3 billion to credit funds in August

Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction

Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Ukraine triggers restructuring credit event
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments

Bardin Hill holds first close for second opportunistic credit fund
Bardin Hill Investment Partners has held a first close for its second opporunistic credit fund, with around $300 million in capital commitments

Ukraine posed as credit event after country defers debt
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments