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

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

Fund performance: Presents under the tree as CLO funds perform

Ucits at a glance: Ucits end strong year on a high

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

Complacency rules after rally in run-up to UK election
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.

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

Ucits at a glance: Ucits continue to chart a steady course

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

Ucits at a glance: ucits continue to chart a steady course

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

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.

Thomas Cook CDS settles with higher than expected recovery
CDS referencing Thomas Cook Group settled with a final price of 10.125 cents at yesterday's credit event auction, making the high pay-outs to protection buyers still less profitable for them than had been expected

Thomas Cook CDS auction sets initial midpoint at nine cents
An auction to settle CDS referencing Thomas Cook Group has derived an initial market midpoint of 9.125 cents, implying protection buyers will receive a pay-out on contracts in the region of 89 cents

Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction

Thomas Cook CDS auction set for two deliverables
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations