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On July 15, 2015, Afren announced that the expected level of near term production would likely be materially lower than what had been announced alongside the proposed restructuring on March 13.

The collapse of Afren, the once-proud London-listed oil exploration and production company with three bond issues to its name, is a shocking reminder of the risks investors face in emerging markets, and of how even some of the most sophisticated players in financial markets can get things drastically wrong.

The situation was no longer tenable. Afren’s management determined that it needed more money, and a debt restructuring, to stay afloat. In January, Afren said it had begun talking to creditors about its capital structure.

July 31 is Afren’s day of disaster. In 2014, on that day, the London-listed oil explorer revealed a corruption scandal that reached the highest echelons of its management. Its chief executive and chief operating officer were suspended, the share price faltered, and trust in the business was shaken.

Frustrated with the terms of the restructuring, and distrustful of Afren and its bondholders, Afren Legal Action tried to revitalise hopes of finding a buyer for Afren. A bid for Afren had been widely considered a good solution to its problems, going back to 2014. Afren, once a poster child for Africa’s energy sector, was potentially still an attractive asset.

Asog was just one Afren shareholder force jockeying for position. As the share price fell, institutional investors, which had dominated Afren’s register, sold some of their shares to other kinds of investor.

On July 31, 2015, Afren went into administration. There was no public outcry, though several national papers in the UK ran the news. Afren had never been a household name.

There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week.

Changing the selection rules for the CDX HY index, which references the debt of US high yield companies, should make it more useful for investors as a hedge against cash bonds. But the even better news is that Markit and CDS market makers seem to have learned from the experience of last year's changes to Europe's equivalent, the iTraxx Crossover.

The People’s Bank of China stunned financial markets this week when it weakened the onshore RMB (CNY) fixing by nearly 2% — the largest single day depreciation ever.

Opinion is divided about whether this week's unexpected move by the People’s Bank of China (PBoC) to devalue the renminbi marks a landmark for the country or reeks of desperation.

I know it can be exciting to boast about your business trips. But youngsters in the business really need to make sure they know who they are bragging to.