Fund performance: CLO funds pick up where they left off
A round-up of fund performance

McClatchy bonds point to 50 cent CDS pay-out as auction deliverables finalised
McClatchy CDS in on course to pay out around 50 cents, based on cheapest bonds to deliver, after the Americas Determinations finalised five deliverable obligations for the media company’s credit event auction next week

McClatchy initial list points to 48 cent CDS pay-out
McClatchy CDS looks set to pay out around 47.5 cents to protection holders, if bonds on an initial list of deliverable obligations for the media company’s credit event auction make it to the final list

McClatchy CDS auction set for 10 March, despite fast-track request
Dealers on the Americas Determinations Committee have unanimously agreed to hold an auction to settle McClatchy CDS on 10 March, ignoring a request to expedite the process ahead of the media company’s scheduled plan of reorganisation

Super-fast CDS auction demanded on McClatchy
The DC has ruled that media company McClatchy triggered a bankruptcy credit event on 13 February. But it is yet to set a date for the credit event auction

Texas pension pumps $300 million into Pimco fund
Texas Municipal Retirement System has earmarked up to $300 million to a credit fund managed by Pimco, according to board documents seen by Creditflux, building on a relationship established through a predecessor fund

McClatchy bankruptcy adds to slew of US media credit events
The McClatchy Company, a media sector constituent of CDS index CDX HY, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

Whiting Petroleum CDS gaps wider as it engages debt advisors
Credit event concerns have taken CDX HY constituent Whiting Petroleum to a recent wide print, after the energy exploration firm’s management held talks with advisors to find ways to remedy its capital structure

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Pimco plans to outperform come rain or shine with $4.5bn all-weather fund
Pimco has become the latest manager to fashion a flexible, all weather credit fund that invests across public and private markets, geographies and capital structures. The Newport Beach-based manager is hoping to raise $3 billion for the strategy. With half a turn of leverage, it could have up to $4.5 billion to deploy.

Fund performance: Presents under the tree as CLO funds perform

Credit funds at a glance

Credit event protocol goes into force with 60 extra sign-ups
The International Swaps & Derivatives Association is going live today with a protocol aimed at stamping out narrowly tailored credit events from the CDS market, having signed up 1,358 entities

We need to talk about high triple C/bond-heavy CLOs
It’s tranched, has exposure to corporate credit and looks and behaves a lot like a CLO – only it’s slightly different. There is so much variety in the CLO market that the industry is faced with a dicey problem: how do we differentiate between the different flavours of CLOs?

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

CLOs at a glance: innovations arrive as year draws to close

Deans Foods auction delivers big lunch for CDS protection buyers
Dean Foods CDS has been settled in a credit event auction at a final price of just 9.25 cents – half the 18 cents indicated by the Dallas-headquartered company’s bonds at the time the auction was called

Dean Foods CDS to have one deliverable, with 80 cent pay-out indicated
There will be only one bond deliverable into an auction to settle CDS referencing Dean Foods, the Americas Determinations Committee has confirmed

Dean Foods CDS set to have only one deliverable on the menu
Only one bond has made it onto the supplemental list of deliverable obligations for an auction to settle CDS referencing Dean Foods

Former DFG CLO head resurfaces at Silver Rock
CLO specialist Tim Milton has landed at Silver Rock Financial, it has emerged

Imperial hires in credit sales
Imperial Capital has added a senior vice president in its high yield and distressed credit sales group

Creditors left with sour taste as two food companies file for bankruptcy
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection

Fund performance
A round-up of fund performance click here.