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...And frankly, the leverage, measured by total debt to ebitda, in high-yield bonds is lower than leverage in first-lien loans [the highest quality]....
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...The writer is founder of Fox Legal Training Much ink has been spilled about the degrading quality of investor protections in high-yield bond and leveraged loan agreements, also known as “covenants”....
...Private creditors received $185bn more in repayments than they disbursed in loans, the first time since 2015 that private creditors have received more funds than they put into developing countries....
...This and every other piece of debt outside the ringfence depend solely for its servicing on dividends coming out of the ringfence....
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...First, US risk assets are relatively insulated from the Chinese economy....
...Investec has hired First Republic Bank’s Olivia Deroy for an origination and relationship management role on its new US private equity team, based in New York....
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...Bloomberg first reported Ant’s bid....
...STC isn’t the first Gulf telecoms power to look to the west....
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...Théo Maret is an associate at Global Sovereign Advisory and writes a sovereign debt newsletter....
...Hanig notes that the premium is larger for smaller loans. For half-billion-dollar loans where the likes of Apollo, Ares and KKR bid, he doubts whether there are excess returns to be had....
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