Mediobanca's private markets division raises $120 million for third fund
Mediobanca’s private banking division and Russell Investments have held a $120 million final close on a third private markets fund

Europe/US high yield gap re-opens with roll, but raises fair value questions
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated

Seaport hires veteran for European loan trading push
Seaport Global, an investment bank focused on capital markets, has hired a leveraged finance veteran as a managing director in Emea loans trading

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Pizza Express auction date set with two bonds on initial list
Pizza Express 2014-version CDS contracts will be settled at auction on 1 October, following the UK food retailer’s triggering of a failure-to-pay credit event this month

Arrow hits €1.5 billion third close on inaugural European NPL fund
Arrow Global Group has held a third close on its inaugural pan-European nonperforming loan fund

Banks regain composure to lead rallying charge
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter

Sculptor promotes two after European credit head leaves for Pimco
Sculptor Capital Management has filled the void left by Mathieu Clavel, its former head of European and Asian corporate credit in Europe and Asia, by promoting two senior figures in its credit business

Europcar slumps closer to default pricing in bonds and CDS
Europcar, the French car hire firm, is heading fast towards recovery-only levels with CDS and bond prices reflecting deeper distress

Pimco appoints Sculptor veteran as head of private credit in Europe
Pimco has hired an experienced figure in the European credit markets as it seeks to grow its special situations business

Credit retreats from tights as central banks offer reality check
European credit is following Asia wider today, picking up from where the US left off yesterday as the Federal Reserve vowed to keep overnight rates near zero for the coming years

Crossover dips below 300bp as retailers leave the basket
The removal of defaulting constituents Hema  and Matalan from iTraxx Crossover has helped take the index to its tightest prints since the start of the coronavirus sell-off

ICG opens Milan office
Intermediate Capital Group has announced the opening of an office in Milan

Matalan auction initial bids point to lower than expected CDS pay out
Early bidding in a credit event auction today to settle CDS referencing UK retailer Matalan indicates the final result will be higher than predicted by recent five-year quotes but roughly in line with modelled recoveries

Noble and Hema produce disparate pay outs for CDS
This week has brought the high and lows of CDS settlement, with Noble Corporation bestowing an ultra low high pay-out for protection buyers after Hema protection sellers suffered less of a hit than was modelled by assumed recoveries

Pizza Express triggers failure-to-pay credit event
Pizza Express has triggered a failure-to-pay credit event, the Emea Determinations Committee has ruled

Europcar restructuring plans send bonds and CDS into skid
Europcar Mobility Group's bonds have plummeted and CDS referencing them have gapped wider after the French car hire firm said it will open talks with creditors about a debt restructuring

Pizza Express serves up credit event question after very long wait
Pizza Express has been proposed as a failure-to-pay credit event to the Emea Determinations Committee, following the UK food retailer's decision not to make interest payments on bonds

Credit event auctions mount as European resistance breaks
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Hema and Matalan deliverable lists outline payouts for CDS
Only one bond looks to be deliverable into a credit event auction to settle Hema CDS contracts, while two notes will be deliverable into Matalan CDS contracts

Ensco CDS leap wider on credit event trigger
CDS contracts referencing Ensco International, a Houston based subsidiary of offshore driller Valaris, have shot wider after the Americas Determinations Committee ruled the company has triggered a bankruptcy credit event

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

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

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