Fund performance
A round-up of fund performance

Top Gun triggers credit event, but there's no debt in the barrel
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, has triggered a bankruptcy credit event, the EMEA Determinations Committee has ruled. But no CDS auction will follow since the reference entity has no debt outstanding

Determinations Committee to rule on maverick bankruptcy credit event
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, is under consideration for a bankruptcy credit event trigger, after the Determinations Committee accepted a request to rule on the matter

Steinhoff credit event auction finally in sight after restructuring concludes
A long-awaited auction to settle CDS referencing retailer Steinhoff Europe has moved a step closer, with the EMEA Determinations Committee noting the restructuring effective date has happened and the company voluntary arrangement (CVA) has been fully implemented

Galapagos CDS settles higher than expected despite net interest to sell
Galapagos Holdings CDS settled at a price that, while low, was nonetheless higher than had been implied by initial markets despite a net open interest among participating dealers to sell the company’s bonds

Galapagos CDS auction kicks off with very low initial market midpoint
Bidding in a credit event auction today to settle Galapagos Holdings CDS has produced a very low initial market midpoint, suggesting there will be a high final pay-out to holders of protection

Galapagos CDS auction looms with Morgan Stanley added to participating bidders
A credit event auction tomorrow to settle Galapagos Holdings CDS will have 10 participating bidders, with Morgan Stanley having been approved by other dealers to take part

Fund performance: Mercury rises as does credit fund performance

Galapagos CDS auction date set
Settlement of Galapagos Holdings CDS will take place on Wednesday next week (7 August), the auction’s administrator Creditex has said

BlueMountain lands senior credit trader in New York
BlueMountain has hired an experienced trader in New York to cover credit and special situations

Galapagos CDS set for high pay-out with one deliverable on initial list
Galapagos Holdings could have only the bond on which it defaulted as a deliverable obligation into an auction to settle its CDS

Weatherford CDS auction delivers 55.5 cent pay-out to protection buyers
A credit event auction to settle Weatherford International CDS returned a final price of 44.5 cents on the dollar, lower than where bonds had been quoted and meaning a pay-out to protection buyers of 55.5 cents

Final list of deliverables published for Weatherford CDS auction
There will be 17 notes deliverable into an auction on Thursday to settle Weatherford International CDS, the Americas Determinations Committee has confirmed

Galapagos has triggered failure-to-pay credit event, says DC
Galapagos Holdings has triggered a failure-to-pay credit event on its 7% senior notes due 2022, the Credit Derivatives Determinations Committee has ruled unanimously

Morgan Stanley joins participating bidders for Weatherford CDS auction
Morgan Stanley has been added to the list of participating bidders for an auction next week to settle CDS referencing Weatherford International CDS, with the Americas Determinations Committee also confirming 17 deliverable obligations on the supplemental list

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

Galapagos failure-to-pay credit event posed to DC as bond grace period lapses
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Galapagos Holding, a former iTraxx Crossover index constituent, has triggered a failure-to-pay credit event

Weatherford CDS auction next week could have 17 deliverables
There are 17 notes on the initial list of deliverable obligations for an auction next week to settle Weatherford International CDS, the Americas Determinations Committee has said

Weatherford faces credit event auction with 50% area recoveries implied
The Americas Credit Determinations Committee has agreed to hold an auction to settle CDS referencing Weatherford International, having ruled last week the Houston headquartered oilfield services provider had triggered a bankruptcy credit event

Net short CDS provisions reach Europe as Legoland owner aims to block activist investors
A buy-out financing package for Merlin Entertainment will provide what looks to be the first instance in the European market of provisions aimed at deterring lenders from being net short borrowers’ debt through CDS

Rallye CDS auction price drops to 12.5 cents on unmatched sell requests
Rallye's credit event auction to settle CDS contracts produced a final price of 12.5 cents today, lower than the initial price set in the first round this morning of 14.975

Rallye CDS set for high pay-out with credit event auction underway
Rallye CDS looks set for a high pay-out to protection buyers after a credit event auction today to settle the contracts produced an inside market midpoint of 14.875 cents, slightly below where the retailer’s bonds have been quoted

Rallye CDS auction to have 10 dealers and six deliverables
10 dealers will take part in an auction next week to settle CDS contracts referencing Rallye, after the Determinations Committee voted to add Morgan Stanley as a participating bidder

Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations

Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary