Registered Area | Background | Paris Contact Us | Background | Frankfurt Careers | Background | London Careers | Background | Rome Investment Approach | Background | Amsterdam Investment Approach | Background | Amsterdam

Distressed

Wave of U.S. Bankruptcies Builds Toward Worst Run in Many Years (Bloomberg)

May 11, 2020 | File Under: , , , ,

“So far in 2020, the pace of corporate bankruptcy filings in the U.S. has already surpassed every year since 2009, the aftermath of the global financial crisis, Bloomberg data show.” – by Eliza Ronalds-Hannon, Katherine Doherty, and Davide Scigliuzzo

Read More

Spain Throws Lifeline to Companies Battling to Survive Pandemic (Bloomberg)

May 7, 2020 | File Under: , , ,

“Spain scrapped the threat of forced liquidation for companies that run up major losses this year as part of a series of changes announced by the government to stave off insolvencies amid the economic turmoil caused by the coronavirus.” – by Irene Garcia Perez  

Read More

Supervisory Board and Management Board should be completely renewed – Der Spiegel

May 5, 2020 | File Under: , , , ,

“KPMG said that certain Wirecard sales, cash holdings and customers could not be verified. And that after five months of investigation. In our opinion, this also means that Ernst & Young, as a long-time auditor, did not properly check the balance sheets. How can anyone – be it shareholders, creditors, regulators or customers – still trust this company?  […]

Read More

Leveraged loan downgrades continue threat to Europe’s CLO investor base (S&P Global)

May 5, 2020 | File Under: , , ,

“A credit rating downgrade wave of historical proportions is following in the wake of economic disruption caused by COVID-19.” – by David Cox

Read More

US leveraged loan default rate hits 9-month high (LCD News)

December 18, 2019 | File Under: , , , ,

“Though the trailing default rate in leveraged loans has remained stubbornly below its 2.9% historical average, several indicators point to increasing pressure.” – by Rachelle Kakouris

Read More

Cov-Lite Breaking Record (LCD News)

September 23, 2019 | File Under: , ,

A new record: 79.6% of the $1.8 trillion in US #leveragedloan outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B- pic.twitter.com/cwjDI9sUvR — Leveraged Loans (@lcdnews) September 20, 2019

Read More

Restructuring the next wave of cov-lite debt (JDSupra)

July 17, 2019 | File Under: , , ,

“89% of European HY bond deals in 2018 provided for cost savings and/or synergies to be included in EBITDA or pro-forma adjustments.” “85% of all leveraged loans in the UK were cov-lite by the end of 2018.” by White & Case

Read More

Blood Moons, Animal Spirits and Hunting Knives

H2 2019 Europe Update

Investor trepidation towards Europe in today’s markets is understandable.  Regional macro data remain anemic.  Europe continues to produce weak data, Euro-Area economic sentiment saw its worst losing streak in a decade and low interest rates are set to continue throughout the medium term.  Meanwhile, the Fed has raised rates nine times since December 2015, taking […]

Read More

Italy’s Carige faces April deadline to fill 630 mln euro capital gap (Reuters)

March 1, 2019 | File Under: , , ,

“Temporary administrators of Banca Carige said they had to find a buyer by April for the Italian bank, after unveiling a 630 million euro ($718 million) capital shortfall” – Valentina Za

Read More

Fate of Leveraged Loans Won’t Be Decided by ‘Cov-Lite’ Alone (Bloomberg)

February 22, 2019 | File Under: , , ,

“Recovery rates likely lower in Europe but widely dispersed. Focus on absence of maintenance tests is ‘simplistic’”  – by Ruth McGavin

Read More