CDS committee faces another question on Sears as it outlines auction terms
The Americas Credit Derivatives Determinations Committees has published the auction settlement terms related to Sears Roebuck Acceptance Corp (SRAC), but faces one more general interest question attempting to amend the auction terms

Ohio pension fund assigns $50 million to distressed debt
Ohio School Employees Retirement System has awarded $50 million to a distressed debt fund managed by GoldenTree Asset Management

New York pension fund allocates €250 million to European credit manager
A $207.4 billion pension fund has awarded the mandate to a multi-strategy credit fund managed by EQT Partners 

Sears ready to roll after DIP bidding war
Iconic US retailer Sears filed for bankruptcy in October. Most CLOs dodged its loans, but the restructuring has seen a DIP bidding war, a CDS committee split and the departure of a CEO.

CLOs can survive defaults, but it could be death by triple Cs
Covenant deterioration in the leveraged loan market has caused sleepless nights for CLO managers who worry that when defaults start to rise, recovery rates will be lower than in past downturns. But market participants are expressing concern that ratings, rather than defaults, pose a greater risk to the market

Sears CDS battle heats up as DC challenged to change auction rules
A high profile battle over Sears Roebuck Acceptance Corp credit default swaps has taken a new turn, with one market participant challenging the Americas Determinations Committee to change its rules to avert price manipulation by another market participant in the bankrupt retailer's credit event auction

Sears CDS battle lines set out in market-defining legal fight
Legal sides have set out their arguments in the high-stakes Sears Roebuck Acceptance Corp credit event external review, in what an industry group of asset managers claims is a “unique opportunity to provide clarity on one of the most important definitions for the credit default swap product”

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg

Sear-iously? Isda slams ex-CFTC commissioner over CDS "hyperbole"
The International Swaps and Derivatives Association has waded into a gathering furore over Sears Roebuck Acceptance Corp credit default swaps

New Zealand Superannuation Fund hires CIO
New Zealand Superannuation Fund (NZSF) has appointed Stephen Gilmore to serve as chief investment officer  

Sears CDS settlement extends to 2019 as external review teams line up
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Till debt us do part: CLOs have and hold David's Bridal loans as they plummet 10.87%
CLOs hold $26.63 million exposure to David’s Bridal, which filed for Chapter 11 bankruptcy on Monday

Recent CLO debutant Vista brings in GSO official to lead credit team
Vista Credit Partners has hired a former GSO official to lead its credit team

Texas pension fund commits €75 million to European distressed debt
A $30.01 billion pension fund has awarded €75 million to a European distressed debt fund managed by AnaCap Financial Partners

US clothing brand default leaves CLOs exposed
As many as 100 CLOs are among the holders of debt issued by FullBeauty, which defaulted on 31 October on an interest payment to its $345 million second lien loans  

Los Angeles pension backs Lone Star fund
Los Angeles Fire and Police Pension System has approved a commitment of up to $40 million to Lone Star Fund XI, according to a monthly report  

San Francisco pension ramps up private credit portfolio with $80 million commitments
The $24.5 billion pension fund currently has a 2.2% actual allocation to private credit, despite a 10% target allocation

October: credit funds at a glance
For the full report detailing fund trends, people moves and fund raising and launches

September: fund performance

You don’t need a 15% default rate to make money in credit
Jeanne Manischewitz, head of North American credit at York Capital Management, takes our credit quiz

Distressed specialists spy opportunities in US mid market
Distressed debt managers are eyeing up the US mid market loan space for when the cycle turns, said panellists at the Creditflux-Debtwire US Mid-Market Forum in October

Managers see growth in distressed and direct lending, but structured credit splits opinion
The private credit industry remains on track to grow to $1 trillion assets under management by 2020, according to joint research published by the Alterative Credit Council and law firm Dechert with allocations to distressed and mid-market deals tipped to rise. But structured credit has divided US and European managers