Pre-packaged bankruptcy trend may accelerate in 2021
A consensual deal cuts legal costs and hastens a Chapter 11 exit, but plans block possible restructuring proposals that can curb cash payouts to lower-ranking creditors.
Commercial lending
ESG risks top the list of near-term concerns for bank executives
Environmental, social and governance issues topped the list of risk managers’ concerns in a Deloitte poll .
The Reddit army bailout: desperate companies get new lifelines
AMC and American Airlines took advantage of surprise stock-price surges to cash out shares and raise liquidity for possible debt reduction — a massive stroke of good fortune for the companies as well as their creditors.
AMC’s sudden surge makes winners of Silver Lake, Mudrick
The struggling movie-theater chain is among once-risky debt investments reaping big gains after day traders helped fuel the sudden stock surge.
Real estate faces ‘existential crisis’ in retail, hospitality, office
Cheap funding costs have extended a lifeline to many troubled companies, slowing the pace of U.S. bankruptcy filings, but shops, offices and hotels have been particularly vulnerable to the pandemic this month.
Blazing start for CLO market issuance already spurs talk of record-pace volume
About $16 billion across 43 deals in both new-issue and refinancing has prompted analysts into making early revisions to raise their initial volume forecasts.
By
Glen Fest
Upstart, fresh off IPO, returns to ABS market in $207M deal
The online lender is looking to price its second securitization deal of 2021, following last week's closing of a pass-through notes offering via its master trust.
By
Glen Fest
S&P: CMBS issuance to rebound to $70B after 45% drop in 2020
Declining month-over-month delinquency levels and the rollout of COVID-19 vaccinations potentially give hope to more normalized economic activity.
By
Glen Fest
Ford, Mercedes-Benz sponsoring next auto-lease ABS deals
The two deals will add to the pipeline of 2021 prime auto-lease transactions led earlier this month by Hyundai Capital America.
By
Glen Fest
Hotel bankruptcy filings rise amid virus spike
More may be on the horizon as lenders lose patience with defaulting property owners.
Weekly Wrap: Shipping rates surge as container supply wanes
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.7-14
Full employment not expected until 2024: Bank economists
A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.
Are CRE foreclosures on the horizon?
Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.
Hyundai Capital rolls out its largest auto-lease ABS to date
The notes offering is the largest among the 21 auto-lease deals HCA has issued since 2011, and the fourth that has topped $1 billion in offered notes.
By
Glen Fest
Credit funds from Apollo to Diameter tally big gains in 2020
Distressed debt funds on average gained 11.4%, according to Hedge Fund Research Inc., compared to the riskiest corporate bonds rising 2.3%.
Pandemic spurs most bankruptcy filings since 2009
Energy, retail and consumer services companies led a total of 244 filings, according to data compiled by Bloomberg.
2021 Outlook: Will more CMBS borrowers choose to turn in the keys?
Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.
By
Glen Fest
Bausch Health, a top CLO obligor, accelerates senior loan paydowns
Bausch, formerly Valeant Pharmaceuticals, has paid down more than $24 billion of the $32 billion in leverage it owed five years ago from a debt-driven acquisition spree — which ended after a drug-pricing scandal.
By
Glen Fest
Moody’s upgrades GM, Toyota lease ABS deals
The agency cited improving used-car prices that have elevated resale values of off-lease vehicles that drivers are turning back into dealerships.
By
Glen Fest
Private equity turns to $3 trillion in untapped value for loans
The buyout industry has about $3 trillion of unrealized value on its books, according to Preqin. And it’s tapping that to land loans for bolt-on deals, to refinance debt or bail out struggling companies in their portfolios.
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