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

Distressed to the nines: Noble joins CDX HY default tally
Noble Corporation, a US offshore drilling company, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled - making it the ninth default in the on-the-run CDX HY index

Banks and high yield corps lead charge as results prompt European rally
High yield corporate credit is today's outperforming part of the market as European credit rallies back from its recent wides, as the latest round of earnings proves stronger than many had expected

Convertible notes make final list for delayed Chesapeake auction
A delayed credit event auction to settle Chesapeake Energy Corporation CDS will proceed on Tuesday with convertible notes included as deliverable obligations, after the Determinations Committee ruled these were eligible

Wirecard CDS settles above single digits
Wirecard CDS just about bucked the recent trend of defaulting credits settling in single digits at auction

Europcar bonds and CDS take a spin ahead of earnings
Europcar Mobility Group is having a car-crash trading session in bonds and CDS today ahead of its expected earnings report

Seven dealers sign up for Wirecard CDS auction
An auction tomorrow to settle Wirecard CDS will have just seven participating dealers - three fewer than has been customary in other recent credit event settlements

DC sets Wirecard CDS auction date, obligations and settlement terms
The Determinations Committee for Europe, Middle East and Africa has set a date to settle CDS contracts referencing German digital payments company Wirecard

Chesapeake auction delayed over convertibles question
A credit event auction to settle Chesapeake Energy Corporation CDS has been postponed for at least two weeks while the Determinations Committee seeks clarity on status of the company's convertible bonds

Chesapeake auction could face delay over convertible conundrum
A credit event auction next week to settle Chesapeake Energy Corporation CDS could be postponed as uncertainty hangs over the status of the company's convertible bonds

Wirecard CDS auction set to have two deliverables
Two notes look set to be deliverable into an auction to settle Wirecard CDS, according to an initial list published by the EMEA Determinations Committee

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Wirecard splits DC on auction vote
Wirecard has caused a split at the Determinations Committee, whose members only narrowly reached a supermajority vote to hold a credit even auction for the German digital payments company

Chesapeake deliverables point to big pay-out on CDS
An initial list of deliverable obligations to settle CDS referencing Chesapeake Energy Corporation at auction points to a pay-out of over 97 cents to protection buyers - higher than where five-year contracts are priced

Chesapeake CDS auction date set
Dealers have set a date to settle Chesapeake Energy Corp CDS, in what will be the thirteenth credit event auction of 2020

California Res auction brings 99 cent problem for CDS protection sellers
An auction to settle CDS referencing California Resources Corp has settled at just 1.125 cents, meaning a 98.875 cents pay-out to protection buyers

Selecta Group CDS gets caffeine jitters
Against a general rallying trend in the European high yield market, Swiss coffee machine vendor Selecta Group is a big widener today in five-year CDS - even as its bonds and shorter tenor protection show much more stability

Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

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

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

Wide-end credits sharply diverge in firming market
In an overall flattish market, Selecta Group and Novafives are today's standout big movers in European high yield credit, but are on very different trajectories

Wirecard triggers first European CDS credit event of 2020
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction

DC agrees to rule on Wirecard, putting Europe's first 2020 CDS auction in sight
The European CDS market is moving closer to facing its first CDS auction of the year, with the Determinations Committee agreeing to rule on whether the German digital payments firm has triggered a bankruptcy credit event

Chesapeake default takes CDS auctions to eight-year high
Chesapeake Energy has been confirmed as the latest CDX HY index constituent to require settlement at auction, after the Americas Determinations Committee ruled it has triggered a bankruptcy credit event

Chesapeake bankruptcy points to hit for CDS and loan holders
Chesapeake Energy looks set to become the latest in a string of defaults to hit US high yield index CDX HY, after the Oklahoma City headquartered shale producer filed for chapter 11 protection