Sanitec low LCDS recovery rates disappoint
Sanitec, the EQT-owned Finnish maker of bathroom fittings which became the first credit to default on the LevX index last month, scored very low recovery rates on its debt after the settlement price was determined in the LCDS auction yesterday.
The recovery rates were determined as 33.5% for the first lien debt, and as low as 4% for the second lien. Secondary traders warned that the outcome of the auction was not just worrying for Sanitec lenders but was indicative of a growing trend of shrinking recovery rates.
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.