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...Typically, these are to either a) pay cash coupons; b) toggle to ‘pay’ bondholders with more debt claims, albeit with some additional penalty (even more debt claims); c) to PIK for a while then switch to...
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...$1.5bn to c.$1.2bn....
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...So it’s easy to see why including one co-head but not another can send a certain type of message....
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...Some would probably argue that more information is not the same as better information . . . but c’mon....
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...Credit rating agency S&P Global downgraded Ethiopia’s debt to default on December 15 after the initial deadline for payment was missed....
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...They’re digital tokens backed either by a) dollar-denominated portfolios of safe assets; b) unaudited promises that they have safe assets; or c) magical confidence maths that only work until a death spiral...
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