PG&E auction brings slim payout for CDS protection holders
CDS referencing Pacific Gas & Electric Company have been settled at a final price of 77.75, meaning only a 22.25 pay-out for holders of protection

Alaska pension commits $545 million to seven credit funds
Alaska Permanent Fund Corporation has earmarked $545 million to funds across the credit spectrum across Q2, according to 27 February board documentation

Windstream has triggered bankruptcy credit event, not failure to pay, says DC
The Americas Credit Derivatives Determinations Committee has ruled that Windstream Holdings has triggered a bankruptcy credit event, after the US phone company filed for Chapter 11 protection on Monday

Windstream bankruptcy credit event weighed by Determinations Committee
The Americas Credit Derivatives Determinations Committee has been asked to decide whether Windstream Holdings has triggered a bankruptcy credit event, after the US phone company yesterday filed for Chapter 11 protection

Bidders line up for PG&E credit event auction
An auction tomorrow to settle CDS referencing Pacific Gas & Electric Company CDS will have 10 participating bidders, after Morgan Stanley was added to the list

Minnesota pension set to back Varde Partners Fund XIII
Minnesota State Board of Investment is considering a $150m commitment to Varde Partners Fund XIII, according to a February Investment Advisory Council (IAC) meeting report  

Payless bankruptcy steps on toes of CLOs
CLOs hold exposure to the debt of US retailer Payless ShoeSource, which filed for Chapter 11 bankruptcy earlier this week

Windstream credit event question posed to Determinations Committee
The Americas Credit Derivatives Determinations Committee has been asked to decide whether Windstream Holdings has triggered a 'failure to pay' credit event, after a court ruled last week the US phone company had defaulted on bonds in 2015 when it span off Uniti Group

Lone Star shines with $8.2 billion final close for debt fund
Lone Star has raised $8.2 billion for the latest iteration of its distressed debt strategy, Lone Star Fund XI

Silver Point brings in $1.57 billion for distressed debt fund
The credit hedge fund manager, founded by ex-Goldman Sachs partners’ Edward Mulé and Robert O’Shea, has locked down $1.57 billion capital for its distressed debt fund 

CLO managers exposed as US mortgage lender files for bankruptcy
CLOs hold $164.9 million exposure to the debt of Ditech Holding Corporation, who refiled for Chapter 11 bankruptcy on Monday 

PG&E bonds on the rise as DC finalises credit event auction deliverables
An auction to settle CDS referencing Pacific Gas and Electric Company CDS will have 37 deliverable obligations, the Americas Credit Determinations Committee has confirmed

San Francisco pension deploys $125 million into private credit
San Francisco City and County Employees' Retirement System has bolstered its private debt bucket, making a $125 million commitment to a senior debt fund and opportunistic credit fund that builds on other private debt investments since last year

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Points up front: Favouritism - that’s the long and short of it
The rift between Sound Point Capital Management and its former portfolio manager Jeff Teach highlights some of the difficulties managers face when overseeing multiple funds with both competing and similar interests

Oaktree reports distressed gains over year despite Q4 losses
Oaktree was not immune from challenging fourth quarter globally. Its distressed debt strategy, for instance, returned a gross loss of 1.5%

Marathon adds distressed specialist as credit trader to its New York team
Marathon Asset Management has appointed an experienced credit trader from Cantor Fitzgerald 

New York pension fund allocates $150 million to special situations fund
The new investment will sit within the pension fund’s opportunistic alternatives bucket

Arnold & Porter adds restructuring partner in New York
Arnold & Porter has bolstered its restructuring and bankruptcy practice in New York with the appointment of a former Morrison & Foerster partner

Pacific Gas & Electric CDS set for high recovery as initial obligations trade above 74
Pacific Gas and Electric Company CDS look set for a high recovery, despite a long list of obligations being selected as deliverables into the credit event auction for the defaulted borrower, since eligible bonds are all quoted in the mid-70s or 80s

Washington pension fund set to back TSSP strategy
Washington State Investment Board (WSIB), the $132.2 billion public pension fund, considers committing to TSSP Capital Solutions (TCS), according to documents seen by Creditflux.  

Pacific Gas & Electric triggers bankruptcy credit event
Pacific Gas and Electric Company has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, by 14 votes to one

New York pension ups commitment to HarbourVest by $400 million
New York State Teachers' Retirement System has topped up commitments to Maple Fund, having already approved $600 million in 2017

Performing credit tops distressed credit for Blackstone, but credit AUM declines
The firm is looking to boost its direct lending business to gain $10 billion of available capital over the next couple of years