Hints and tips:
Related Special Reports
...Fitch Ratings downgraded Kemble’s credit rating to CC on Thursday, which it said indicated “that a default of some kind appears probable”....
...Last year, professional services companies Deloitte and KPMG advised some of their staff to use burner phones when visiting Hong Kong....
...The UK lender will have a new chair, Rick Haythornthwaite, from April 15 after the end of the term of former Financial Services Authority chair Sir Howard Davies....
...If Kemble defaults on its debt, that raises serious doubt around future fundraising and therefore its viability. This may cause Ofwat to step in to stabilise the position.”...
...At least half a dozen companies within the Barclay family empire — including the Very Group, an online retailer and financial services company — show new charges linked to the IMI loan agreement, filings...
...It’s not just the default risk, but where the corporate structure the terms of default will apply....
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...Moody’s expects business services, healthcare and “high-tech industries” to have the most defaults this year....
...Before the recent rise in interest rates, this mostly involved gawking at the erosion of lender protections in bond contracts and having fun with credit default swaps....
...Other bonds with triple C ratings were issued by cyber security groups McAfee, Cloud Software Group and healthcare services company LifePoint Health....
...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...
...“Statements by the Ministry of Finance suggest that the non-payment reflects the effort to provide equal treatment to private creditors following agreements with official creditors to suspend debt service...
...In a downside scenario, the lack of transparency of the asset class could lead to a deferred realization of losses followed by a spike in defaults....
...People told us, ‘You can’t put a restaurant out front of a design store like that’, but the dishes we sell are used in the service, people enjoy them and ask about them....
...Zombie companies that just about survived when interest rates were low are now more likely to default....
...“One thing for certain is . . . we will see more defaults.”...
...The investor resistance to Ofwat’s demands precipitated a default by Thames Water’s parent company last week....
...This positive correlation between default probability and net credit exposure constitutes WWR....
...But aren’t rating agencies supposed to analyse the likelihood that a borrower might default, taking into account all available information? Covenants are key to default risk in my view. So, what next?...
...Barring the payments could take a large bite out of Apple’s services revenue, which amounted to $78bn last year, though it would still be free to sell the default position to other search engines....
...That in turn would threaten to push its (already dismal) service levels below the standards required by its licence....
...When is a default a default?...
...It added that some smaller or highly leveraged companies might “struggle to service their debt”....
...The ECB outlined three main “headwinds” for banks’ profitability: increased funding costs as they pass on higher rates to depositors; an increase in loan defaults as the economy weakens and debt service...
...So why are they still the default method for filtering job candidates? Can we do better?...
International Edition