Scandinavian Airlines System posed as restructuring credit event
The Emea Determinations Committee has accepted a request to rule on whether Scandinavian Airlines System Denmark–Norway–Sweden has triggered a restructuring credit event as a result of its recent recapitalisation

EQT completes sale of credit business to Bridgepoint
EQT has completed the sale of its €3.9 billion credit business segment to Bridgepoint

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings

Rally puts credit back on even footing but single name volatility persists
A sizeable rally today is putting credit indices back on a flattish footing with where they began the week, adding to the sense the market is finely poised with only six trading days to go before the US presidential election

Garfunkelux gaps in as refi points to CDS orphaning
Garfunkelux Holdco 2, the CDS trading entity of debt collector Lowell, is leading today's drive tighter as the company's planned refinancing raised the prospect of contracts becoming orphaned

Selecta CDS settles with final price above bonds
Selecta Group CDS contracts have settled at a final price higher than where bonds were trading and above the credit event auction's initial market midpoint

Selecta auction on course for mid-range CDS recovery
Selecta Group CDS contracts look set to generate a pay-out for protection buyers about midway in their range the months running up to today's credit event auction

Credit Rendezvous: sometimes you have to dive deep to find value
Some parts of the credit market are fraught with danger, but that does not mean portfolio managers are avoiding them entirely, according to the Credit Rendezvous, Creditflux's 10-page quarterly report eaturing comments from 15 credit experts

High yield shorts and basis trades abound as borrowers race to issue
Discrepancies between high yield bonds and CDS could be a rich mine of activity in the coming months, say investors, with volatility set to rise while defaults and late cycle signals avail trading opportunities

Selecta CDS auction date set with revised deliverables process
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations

Triton reaches €744 million final close for second credit opportunities fund
Triton Partners has collected €744 million on a final close of a second credit opportunities fund, Triton Debt Opportunities II, exceeding its €550 million target

Syz hires former Brigade official as it pushes into litigation finance
Syz Capital has appointed a head of special situations and uncorrelated strategies, as part of the firm’s push into litigation finance

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32

IG tranches look 'boring' after distressed names ejected at roll
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers.

Credit hedge funds (October 2020)
Monthly credit hedge fund tables

Ucits at a glance: Advent and Algebris edge towards double digit returns
Two managers stand out in the Ucits rankings as they close in on 10% YTD figures

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

Fund performance: A third of funds reach positive territory in 2020
August has been another successful month for the CLO category as seven of the top 10 funds invest primarily in CLOs

SVP collects $1.65 billion for dislocation fund in four months
Strategic Value Partners has closed fundraising for its Strategic Value Dislocation Fund with around $1.65 billion in commitments

BlueBay hires former Marathon European CIO for special situations unit
BlueBay Asset Management has poached an official from Blantyre Capital to take on the newly created role

Credit fundraising: managers build homes for real estate credit funds
The “largest ever real estate credit fund” was one of the fundraising highlights last month as Blackstone’s Real Estate Debt Strategies IV fund reached $8 billion on its final close

Bain prepares credit dislocation strategy
Bain Capital Credit looks set to raise a fund dedicated to opportunities arising from credit dislocation, just four months after collecting $3.2 billion for its latest distressed debt and special situations vehicle

Dealers cut Pizza Express final price to shape of pizza
An auction to settle Pizza Express CDS ended up paying out almost 100% to buyers of protection, with dealers driving the final price even lower than they had initially bid

Pizza Express auction leaves protection sellers with just pineapple
An auction to settle Pizza Express CDS looks set to leave protection sellers with little solace, after the first round of bidding indicated a high pay-out on contracts referencing the UK-based restaurant chain