Distressed

JPM: Cov-Lite At Highest-Ever Loan Market Share

Covenant-lite loans now comprise an all-time high of 58% of the loan issues tracked on the JPMorgan Leveraged Loan Index.

Momentive Creditors Ask for Cash

Creditors of bankrupt Momentive Performance Materials who initially said ‘no’ to getting paid cash in lieu of new debt now want to get cash, but the company says it is too late.

S&P: Issuer Defaults Accelerating

Global default activity has been accelerating and the total default tally for the year is up to 39 issuers, according to Standard & Poor’s.

Caesars Bonds Dominate Top Weekly HY Losers

Five tranches of bonds issued by Caesars Entertainment are among the biggest losers in weekly secondary trading, according to a weekly report from MarketAxess.

Quicksilver Bonds Lose Ground as Payment Looms

Quicksilver Resources is running out of time to refinance $250 million in high yield bonds or trigger the early repayment of another $800 million in debt. Some creditors aren't sticking around to see what happens.

Moody’s: Earnings, Long-Term Maturities Buoy Liquidity

Although leveraged loan and high yield bond market softness is starting to apply pressure on speculative-grade issuers, Moody’s Investors Service says strong earnings and limited near-term maturities have so far subdued concerns about the state of corporate liquidity.

U.S. “TMT” Cos Exit Ch. 11 with Less Value

U.S. companies in the Telecom, Media and Technology (TMT) sectors that defaulted over the last five years have reorganized with less value than the corporate average, according to Fitch Ratings.

Caesars Makes $548M Debt Reduction Deal

Caesars Entertainment reached an agreement with bondholders to cut some $548.4 million in debt. The move comes as the casino operator is locked in a fight with bondholders over its asset moves as the company attempts to restructure.

Moody’s Reports Decline in Default Rate

Moody’s Investors Service reported Monday that its global speculative-grade default rate fell in July to 2.1%, slightly below the 2.2% recorded for June and far below the 3.1% from a year ago.

Global Corporate Defaults Pacing Below 2013 Levels

With two more issuers missing debt payments this week, Standard & Poor’s said the tally of global corporate defaults has risen to 33 year-to-date – a figure far behind the 53 recorded during the same period in 2013. S&P also noted a slight rise in its list of 'B-' or lower "weakest links."

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Margaret Patel

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Firm: Wells Capital Management

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