Evergrande has $300 billion of debt. Some $19.2 billion of that is dollar-denominated offshore bonds, according to CreditSights.
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Neill Keaney, analyst at CreditSights, said bondholders’ concern was twofold. “(It’s) the combination of the leverage that’s implied by the revised bid from Fortress… and… effectively unlimited debt that can…
Some defaults came, including U.S. retailers Neiman Marcus and J.C. Penney. Creditsights analysts put the U.S. 12-month default rate in November at just over 7%.
In the second quarter, Gilead reported some US$8.6bn of free cashflow over the last 12-month period (down 10% year-on-year), according to CreditSights. The company has no bonds maturing this year…
“We had expected T-Mobile to be proactive refinancing its higher coupon HY debt given the potential for material interest savings,” research firm CreditSights noted in a report.
The use of proceeds is believed to be a first of its kind in the capital markets, where Bank of America has taken a leading role in both the size…
Corporate bond markets are also arguably more dependent on credit ratings than during the last global crisis. CreditSights reckons that companies rated BBB now account for half of U.S. investment-grade…