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...It’s not just the default risk, but where the corporate structure the terms of default will apply....
...Souki, who spearheaded the creation of the world’s largest LNG export industry and was once the country’s best-paid executive, has been engaged in a multiyear stand-off with lenders over a loan default that...
...Zambia’s official creditors including China have already signed up to debt relief, which made a private creditor deal the last hurdle to leaving a 2020 default behind....
...There have been 17 defaults in the US, with eight in Europe. The average number of defaults for the same period in the years 2010-23 was slightly more than 16, according to the S&P data....
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...The index tracking defaults on household mortgages — which shows the proportion of lenders reporting rising defaults over the past three months minus those reporting a decrease — was 23.6 per cent for the...
...A combination of slowing economic activity and these structural factors was “leading to some increase in defaults and an expected increase in defaults,” Adrian said....
...“Default rates are rising . . . because higher interest rates continue to bite harder and harder on highly levered companies.”...
...“[But] for the lowest quality companies, there will be fewer options at their disposal, which may drive more defaults.”...
...Zambia has agreed a revised deal to restructure nearly $4bn in US dollar bonds with private investors, moving the bankrupt southern Africa nation closer to exiting a years-long default after months of tensions...
...When I was a banker I used to run votes to change bond contracts all the time, and sometimes it took less than a week,” said Gregory Makoff, author of the book Default: The Landmark Court Battle over Argentina...
...Kenya’s shilling has posted its biggest one-day gain in more than 15 years, after the eastern African nation averted a feared default this year by selling new debt to ease a looming $2bn bond payment....
...Billionaire real estate developer Jeff Greene bought credit default swaps during the 2008 financial crisis, rather than shorting them as incorrectly stated in an article in March 3/4’s FT Weekend Magazine...
...The two worst-hit sectors by default count last year were what Moody’s classifies as “business services” and healthcare, with 15 and 13 defaults respectively....
...Private equity-owned German real estate lender Aareal Bank warned there was “more to come” after one in four of its US office loans went into default last year....
...crafts, designing new pieces that might be mid-century or 19th century, putting things in vitrines and layering gilt-framed landscapes over 17th-century tapestries, they have built a reputation as luxury’s default...
...Credit rating agency S&P Global downgraded Ethiopia’s debt to default on December 15 after the initial deadline for payment was missed....
...There are “early signs of stress” in the balance sheets of eurozone banks after loan defaults and late repayments started to tick up from historic lows, the European Central Bank has warned....
...He added: “There are scenarios where defaults are very valuable,” and that users also stand to benefit....
...The US bank, the bond’s trustee with authority to enforce its terms, told creditors last week an “event of default” had occurred, in a notice seen by the FT....
...This impact of these defaults is exacerbated by an unsophisticated governance regime in dire need of reform....
...The default threatens to wipe out the equity stakes of Thames Water’s nine shareholders, which include Canadian and UK pension funds....
...And defaults have been relatively low in private credit compared to broadly securitised loan markets. From Barclays: But this is where things start to get a little bit tricky....
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