Hints and tips:
...Triple-B [the lowest rung of IG] spreads are at about 120bp, whereas double-B high-yield is at 200bp. So you pick up 80bp from going from triple-B to double-B....
...Companies rated single-B and below have $200bn in debt due in 2024-25 and about $1.1tn in 2024-28, and some dealmakers believe a wave of bankruptcies and firms turning over their investments to their lenders...
...Companies with double B or B plus debt ratings have received solid demand, while lower-rated single B and triple C rated companies have been forced to go to private credit lenders for financing....
...S&P has rated the bonds single-B minus, among the riskiest ratings it assigns....
...“Direct lenders are going upmarket into larger deals and taking business away.”...
...“We’re worried about deteriorating macro conditions, and that’s traditionally not the time when investors deploy a lot of capital into the single-B [corporate debt rating] risk.”...
...b. Line of Credit: On multiple occasions, Bankman-Fried directed FTX to increase the amount by which Alameda could maintain a negative balance in its account....
...Smart reads Anchors aweigh Cruise operators have spent millions “future-proofing” their fleets with new technology and medical resources after the coronavirus pandemic ravaged the industry....
...Landlords are looking over their shoulders at lenders....
...One leading restructuring banker argued lenders and landlords would do as much as they could to “hit the pause button” for the duration of the crisis....
...S&P awarded a triple B rating with a stable outlook to state-run Luzhou Bank, a regional retail and commercial lender based in the southwestern province of Sichuan — its second issuer rating since it became...
...They could also anchor expectations about inflation and help to reverse recent worsening of inflation dynamics....
...“We are generally seeing financial sponsors being very aggressive, pricing to perfection with very little room for error, on the back of very liberal lending practices by banks and non-traditional lenders...
...Some lenders and developers will have problems....
...It gives lenders comfort to lend to these operators at more attractive rates.”...
...Greece holds triple-C credit ratings from Moody’s, Fitch and DBRS, while S&P pegs it in the higher single-B category....
...Chicago-based Argon Credit LLC co-founder and CEO Raviv Wolfe said in a bankruptcy court declaration that “liquidity issues” caused the company, which offers 12- to 60-month loans in amounts ranging from...
...Italy’s government and JPMorgan have also sought to bring in an anchor investor and had approached deep-pocketed groups in both Qatar and Dubai as well as private equity investors, say three people familiar...
...Goldman is now the fifth-largest leverage lender in America, according to Dealogic. Back in 2009, it ranked 14th....
...The series B financing round takes the total raised by Ripple to $93m. Early investors in the company including Google Ventures, Andreessen Horowitz, IDG Capital Partners and AME Cloud Ventures....
...It is a crucial step in Beijing’s plan to turn the renminbi into one of the anchor currencies of the global economy....
...Valeant, which is rated single B plus by S&P, said on Tuesday that it was likely to pay down $1.7bn of its debt this year, below a $2.25bn projection made in December....
...On that basis, 40 per cent of the US production and oilfield services companies it covers are rated B-minus or below. “B-minus is a very weak rating,” says Thomas Watters of S&P....
...Cote d’Ivoire and Senegal, with speculative “B” range credit ratings, have also regularly tapped external sovereign markets, with the former’s experience dating to before the 1990s Brady Plan....
...Particularly if commodity prices remain where they are and you buy UBS’s thoughts about diminishing excess returns, alongside the fact that “the Fed is now standing firmly against the interests of leveraged lenders...
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