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...“The equity doesn’t pay debt service. It’s theoretical, not a pile of money there to be resourced,” as Christina Padgett, head of leveraged finance research at Moody’s, puts it....
...All told, we suspect the move to private credit does reduce systemic risk, or at least doesn’t add to it, but the information void makes us nervous. Padgett puts it bluntly: “Not knowing isn’t good.”...
...The high cost was seen as prohibitive and even then the company couldn’t round up enough interested lenders....
...“They didn’t necessarily have to be in the eye of the storm, but they didn’t have the right balance sheet going into the crisis,” she said....
...“I don’t think you could have anticipated the vaccine, the economic growth, and the strong availability of really low-rated debt,” said Christina Padgett, senior vice-president of Moody’s Corporate Finance...
...He was refreshingly blunt in his assessment of where the company’s problems began: “Most venture companies don’t raise a shit ton of debt. If they do, they don’t default.”...
...“If a credit rating is the likelihood of default and the likely recovery, a flexible credit agreement shouldn’t necessarily affect [a company’s] rating,” said Christina Padgett, head of leveraged finance...
...“It’s this sleeping giant that no one has heard about,” says Barry Padgett, president of SAP Ariba....
...“The main point is if a manager is bad at credit underwriting, the existence of covenants alone won’t protect you from bad credit risks and eventual realised losses — credit selection is the most important...
...“Policymakers there [Turkey] may be asking, ‘If Argentina can’t stabilise things with orthodox policies and IMF backing, then why should we even bother trying?’...
...lot of companies [with existing loans] could be caught outside the leveraged lending guidelines and they may find the banks are basically in somewhat of a grey area in terms of whether they can or can’t...
...Christina Padgett, head of leveraged finance research at Moody’s, says: “It’s not always [companies’] intention but just what the market is offering because there’s so much demand for high-yielding debt...
...It wasn’t that they gave any indication of a cut, but a cut wasn’t specifically excluded, said Timothy Heyman, president of one of the leading investment managers in Mexico, Heyman y Asociados....
...I can’t do that because I have four employees. I can’t work for nothing for two years. I’ve done that. I can’t be faux underground.”...
...“You hear a lot of this from academics – that they don’t want to patent their research, they just want to get it out there,” he said....
...Things you probably didn’t know about the City of London....
...That deal didn’t entail direct control. But it stipulated Rio would fund the mine’s development and buy a large minority stake in Ivanhoe. The mine is now running....
...We know it won’t turn out well – but the unravelling of lives is gripping and beautifully plotted....
...Michael Padgett, curator of ancient art at the Princeton Museum and a Palm Beach! vettor. Dilys E....
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