Clawback - All articles

  • Committee marks ‘clear end’ to Basel III reforms

    The Basel Committee on Banking Supervision (BCBS) has declared the end of the Basel III policy agenda, promising that any further reforms in this area will be "limited in nature."

    • 01.00 PM
  • Crédit Agricole readies social debut

    Market participants expect a sluggish start to the week but are hopeful that a favourable window might tempt a few names to bring deal forward. Up first is Crédit Agricole, which is preparing to make its first foray onto the social bond circuit.

    • 12.15 PM
  • Electrocomponents zaps more power into revolver

    Electrocomponents, a UK electrical and industrial supplies company, has signed a £300m revolving credit facility, increasing the size of the facility being replaced as access to liquidity remains many companies' key consideration.

    • 12.15 PM
  • Xavier Niel co-sponsors new Spac to shake up organic food sector

    Three of France’s best known entrepreneurs have partnered up to launch a special purpose acquisition vehicle (Spac) on the French stock exchange, which is seeking to invest in organic and sustainable consumer goods. The deal has made a fast start on its first day of book building.

    • 12.00 PM
  • UBS makes Mulderrig head of European debt syndicate

    Ed Mulderrig has been appointed head of European debt syndicate at UBS, the latest in a series of changes to the responsibilities of the firm's senior debt capital markets bankers.

    • 12.00 PM
  • Datasite buyout blends best of private and public funding

    CapVest’s purchase of software provider Datasite has taken the strengths of public and private financing together, with a unitranche loan to lock in the deal and win the auction, with the senior layer taken out by a public syndication to firm up financing on better terms.

    • 12.00 PM
  • Accor launches new €500m convertible after vaccine rally

    French hotels group Accor has become the latest issuer to tap the convertible bond market for financing in the wake of the rally in value stocks following the news earlier in November that multiple Covid-19 vaccines have been successful in late stage clinical trials.

    • 11.30 AM
  • The chosen Nunn: wealth banker to be Lloyds' next CEO

    Charlie Nunn, HSBC's global chief executive for wealth and personal banking, has been appointed as the next chief executive of Lloyds Banking Group.

    • 10.45 AM
  • Sri Lanka hits back at ratings downgrade

    The Sri Lankan ministry of finance has responded to a Fitch rating downgrade by saying that the country does not ‘accept’ the decision, and has in place a policy framework to tackle its debt obligations and spur economic growth.

    • 09.15 AM
  • ‘The auditors have been asleep at the wheel,’ says forensic accountant Steve Clapham

    Veteran equity analyst and forensic accountant Steve Clapham believes it is stories that drive investment decisions and seldom cold analysis of financial accounts. But he believes it is hard to find a company which isn’t engaged in some level of financial wrongdoing and argues that auditors are blind to it, wilfully or otherwise.

    • 09.00 AM
  • Jacobio Pharma lines up Hong Kong IPO

    Jacobio Pharmaceuticals is preparing to launch the roadshow for its Hong Kong IPO after winning approval to list from the city’ stock exchange last week.

    • 08.30 AM
  • Burger King India readies Rp8bn IPO, covers shadow book

    Burger King India is set to launch its Rp8.2bn ($110.5m) IPO this week, after having delayed the deal when the Covid-19 pandemic shut down the country’s markets in March.

    • 07.30 AM
  • Taylor in, Rozes out

    Remember Algomi? It's a fintech for bond trading that was bought by interdealer broker BGC Partners earlier this year.

    • 07.00 AM
  • The week in review: China posts strong November PMIs, Stock Connect expanded, US to add SMIC, Cnooc to investment blacklist

    In this round-up, the official manufacturing and services Purchasing Managers’ Indexes reach multi-year highs, the bourses in Hong Kong, Shanghai and Shenzhen add pre-revenue biotech companies listed in Hong Kong as well as Star market shares to the Stock Connect programme, and four more Chinese companies will be added to a US list of firms with alleged military ties.

    • 06.00 AM
  • Harbour Biomed gives Hong Kong new IPO dose

    China's Harbour Biomed, a clinical-stage biopharmaceutical company, has hit the road for its up to HK$1.8bn ($230.4m) listing.

    • 05.00 AM
  • Suriname amends consent solicitation in quest to escape default

    Having entered default on Thursday, November 26 as the 30-day grace period on a missed coupon payment expired, Suriname has improved the terms on a consent solicitation that — if accepted by at least three quarters of bondholders — would allow it to escape the default and buy time for a more comprehensive debt restructuring.

    • 01.45 AM
  • World Bank sets records with dual tranche kauri bond

    World Bank printed a dual tranche kauri bond on Thursday, vastly exceeding the amount it had targeted and setting the size record for SSA issuers in the currency.

    • 27 Nov 2020
  • Italy prints bumper private floater

    Italy returned to the private placement market to print one of the year’s largest MTNs on Thursday. The deal stood out this week, since issuance in the market has started to wind down ahead of Christmas.

    • 27 Nov 2020
  • Green bonds are bad? Wealth is luck? Viruses are good?

    This week in Keeping Tabs: a proposal to replace green bonds with certificates, the dramatic consequences of low rates, and a different side to viruses.

    • 27 Nov 2020
  • CPI Property grows revolver with liquidity still the key concern for corps

    CPI Property, the Frankfurt listed property owner, has signed a new €700m revolving credit facility, bumping up the size of its main bank line as lenders say liquidity is still a focus for corporates.

    • 27 Nov 2020
  • Lenders hopeful for CEE pick-up in 2021

    Bank lenders are hopeful that volumes across the typically active central and eastern Europe region will pick up, after what has been a disappointing year. This week Romanian meat processing company Carmistin Group raised a syndicated loan from a range of regional lenders, which is one of only five deals signed in the country this year.

    • 27 Nov 2020
  • Greencoat Renewables launches €100m raise

    Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, launched a €100m equity capital raise on Thursday to free-up funds for acquisitions.

    • 27 Nov 2020
  • Sabadell bonds battered after BBVA merger talks end

    Banco de Sabadell’s debt securities took a nose-dive in the secondary market on Friday morning, after the Spanish lender said that it had failed to agree on the terms of a merger with BBVA.

    • 27 Nov 2020
  • New UK investment fund pulls in less than half of cash target

    Schroder British Opportunities Trust, a new listed fund set up by Schroders to invest in undervalued UK equities, has completed its IPO on the London Stock Exchange, raising just £75m.

    • 27 Nov 2020
  • China policy and markets round-up: Baoshang Bank to start bankruptcy proceedings, Beijing, Hong Kong to expand Stock Connect, India bans more Chinese apps

    In this round-up, China’s banking and insurance regulator decides to allow beleaguered Baoshang Bank to go bankrupt, Hong Kong’s chief executive says pre-profit biotech stocks and some Star companies will be added to the Stock Connect programme, and India moves to ban another 43 China-based mobile applications.

    • 27 Nov 2020
  • Santander UK requests Sonia covered bond consent

    Santander UK has requested investors’ consent to alter the terms of four sterling covered bonds from referencing Libor to Sonia. The borrower will use the same method it used when converting its additional tier one notes for the fixed rate deals, while changing the floating rate notes will be a simpler task.

    • 27 Nov 2020
  • Dexin scores single digit coupon, 11.75% yield

    Dexin China Holdings Co has worked hard to court bond investors and establish its name this year. The move paid off on Thursday, when the issuer grabbed its first single digit bond coupon.

    • 27 Nov 2020
  • JD Health to close HK$27bn IPO book early

    JD Health International is set to close the international investor book for its up-to HK$27bn ($3.5bn) IPO a day early, according to a source familiar with matter.

    • 27 Nov 2020
  • Tata offshore holdco nabs $300m bond refi

    India's TML Holdings used its ties to parent company Tata Motors to appeal to investors in a $300m bond sale on Thursday.

    • 27 Nov 2020
  • Apex closes $50m loan for Thai business

    Taiwan’s printed circuit board manufacturer Apex International has closed a $50m loan for its Thai business.

    • 27 Nov 2020
  • Reliance returns for $1.5bn refi

    Indian conglomerate Reliance Industries is in talks with banks for its fourth loan this year.

    • 27 Nov 2020
  • Double tap: Sunac nets $320m from two bonds

    Sunac China Holdings tapped two of its dollar bonds on Thursday, using up the $320m left of its offshore issuance quota.

    • 27 Nov 2020
  • Evergrande Property Services prices HK IPO low at $1.8bn

    Evergrande Property Services Group, the property management arm of one China’s most debt-laden developers, wrapped up its IPO toward the bottom of price guidance after relying largely on Chinese investors.

    • 27 Nov 2020
  • Datang kicks off $198m Hong Kong listing

    Chinese property developer Datang Group Holdings has set its IPO in motion, opening the book for an offer that could fetch up to HK$1.5bn ($197.9m).

    • 27 Nov 2020
  • UK infra investment needs more credibility, not more capital

    There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.

    • 27 Nov 2020
  • Jumble of ESG standards groups begins to clear as two merge

    The first move has been made to consolidate the alphabet soup of industry bodies that try to raise standards in corporate reporting on environmental, social and governance issues — an essential feedstock for responsible investing. More mergers are likely as the private sector races to strengthen its influence before regulators take control.

    • 26 Nov 2020
  • EM sovereigns home and hosed for the holidays

    The coronavirus pandemic means many parts of the US are experiencing an unusual festive period. But emerging markets sovereigns broke another Thanksgiving tradition by flooding primary bond markets with new deals on what is usually a quiet week for new issues — even as levels of stress are rising sharply at the riskier end of the asset class. Oliver West and Mariam Meskin report.

    • 26 Nov 2020
  • Enel seeks pivot in EU Green Deal aid

    Enel is planning €10bn of extra renewable energy investment in Europe, as a result of the support it hopes to get from the European Union’s €750bn recovery fund. But it believes the EU should refine its aid to subsidise sustainable finance more directly.

    • 26 Nov 2020
  • Bondholders pile pressure on Arg provinces

    The Province of Neuquén has become the fourth Argentine regional or local government to wrap up a debt restructuring this year. But with most provincial issuers struggling to reach agreements with creditors, several provinces’ bondholders have joined forces to bolster their negotiating position. This may help bondholders force the provinces to offer deals that are better than those the national government wants both sides to make.

    • 26 Nov 2020
  • Green experts hopeful on new UK infra bank

    A new UK national infrastructure bank, announced by the government on Wednesday, is set to be up and running quickly, although details remain thin on the ground. While framed around infrastructure, a big part of its mandate could relate to the country's net zero carbon plans.

    • 26 Nov 2020
  • Record borrowing but debt sustainability a distant concern for UK

    UK government borrowing is rocketing, with the country intending to borrow £485.5bn in its 2020/21 financial year. This has already pushed up its debt to GDP ratio over 100%, but the announcement of next quarter’s £92bn remit caused scarcely a ripple in the Gilts market on Wednesday. Market participants believe that any problems of debt sustainability or spiralling inflation are too distant a prospect to trouble them, writes Lewis McLellan.

    • 26 Nov 2020
  • Bank senior market teeters on brink of first negative yielding print

    European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.

    • 26 Nov 2020
  • Mercuria and Gunvor bring more banks into fold for US facilities

    Mercuria and Gunvor, the Swiss commodity and energy trading firms, have signed credit facilities for their US businesses, with both companies adding more banks to the deals.

    • 26 Nov 2020
  • Svenska Handelsbanken EUR500m 0.01% December 2027 green senior

    • 26 Nov 2020
  • Niche bank trio met with bumper demand

    Sub-benchmark deals are not so much of a novelty anymore: a trio of rare names filled their boots with diminutive deals this week, with each attracting bumper demand.

    • 26 Nov 2020
  • Swiss franc green issuance set to bloom

    The green bond market is set to grow in Swiss francs, as domestic investors turn towards the product. This week, Swiss Prime Site, a local real estate developer, made use of this demand to sell one of the largest Swissie real estate bonds in over six years.

    • 26 Nov 2020
  • MUFG seeks model change in quest for growth

    MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

    • 26 Nov 2020
  • Oman USD200m 6.75% Oct 2027 USD300m 7.375% Oct 2032

    • 26 Nov 2020
  • IDA USD2bn 1% Dec 30

    • 26 Nov 2020
  • EU EUR8.5bn 0% Jul 35 social bond

    • 26 Nov 2020
  • EU rounds off SURE funding for 2020

    The European Union impressed once again this week as it sold the third and final bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

    • 26 Nov 2020
  • Ivory Coast EUR1bn 4.875% Jan 2032

    • 26 Nov 2020
  • Turkey USD2.25bn 5.95% Jan 2031

    • 26 Nov 2020
  • Next year’s IPO market to offer greater diversity

    Tech companies dominated the IPO market this year. But as the world starts to see an end to the coronavirus pandemic, signs are emerging that investors will be fed a far more balanced diet of companies looking to list, write Aidan Gregory and Sam Kerr.

    • 26 Nov 2020
  • Mnuchin deepens Thanksgiving chill by calling time on Fed bond support

    US corporate bond bankers predict a final flurry of issuance before year end, though there have been no deals this week ahead of the Thanksgiving holiday, and after treasury secretary Steven Mnuchin moved to stop some quantitative easing.

    • 26 Nov 2020
  • Basel Committee takes edge off toughest part of NPL proposals

    The Basel Committee has backed down from tough new changes which could have raised the costs of financing non-performing loan portfolios, allowing banks to use external ratings to assess the risk of NPL securitizations.

    • 26 Nov 2020
  • E.On transfers €11.5bn of Innogy bonds to avoid unequal rights after takeover

    E.On has completed the largest liability management exercise ever in Germany, shifting about €11.5bn of bonds issued by Innogy, which it has taken over, to its own balance sheet.

    • 26 Nov 2020
  • Hera has high grade corporate market to itself as bankers ponder December

    Hera, the Italian utility, had the market to itself on Thursday, as corporate bond supply fell. But syndicate desks were split over whether this week’s roaring demand could encourage other opportunistic issuers to the market well into December.

    • 26 Nov 2020
  • Luminor EUR300m 0.792% Dec 24

    • 26 Nov 2020
  • Arb ‘works again’ for euro CLOs after knockout CVC pricing

    Arranger Barclays priced its €378.7m CVC Cordatus Loan Fund XIX at 106bp on Wednesday, the tightest senior spread since March, making the arbitrage between assets and liabilities attractive again for equity investors.

    • 26 Nov 2020
  • UK will not compensate holders of Gilt linkers following RPI reform

    The UK government said that it will not compensate holders of index-linked Gilts following the reform of the Retail Price Index (RPI) measure of inflation, which is expected to be enacted no earlier than 2030.

    • 26 Nov 2020
  • ‘Last chance saloon’ in FIG market as supply starts to slow

    Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.

    • 26 Nov 2020
  • Goldman lines up HY bond to fund McCarthy & Stone take-private

    Goldman Sachs is preparing a £225m high yield bond to take out the acquisition financing for Lone Star’s take-private of UK retirement home developer McCarthy & Stone, according to documents backing the offer.

    • 26 Nov 2020
  • People moves in brief

    MSCI picks up Nick Mihic — Algomi co-founder Stuart Taylor joins MUFG — Vinod Vasan changes roles at UBS

    • 26 Nov 2020
  • Cédulas expands with new programmes from Bancofar and Caminos

    Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.

    • 26 Nov 2020
  • Close Brothers extends sterling curve at next to no cost

    Close Brothers returned to the public market after a two year absence on Thursday, launching a 10 year sterling deal from its operating company at a very flat level compared to its shorter dated bonds.

    • 26 Nov 2020
  • Investors give thanks for long dated BNP Paribas bond

    BNP Paribas took advantage of the thirst for duration in the euro bond market on Thursday, offering investors a chance to get hold of long dated non-preferred senior paper.

    • 26 Nov 2020
  • ECB warns of ‘abrupt increase’ in bank funding costs

    The European Central Bank has warned that some banks face a sharp spike in the cost of their bond funding, as the economic fallout from the coronavirus pandemic begins to translate into credit rating downgrades.

    • 26 Nov 2020
  • Turkish banks steam ahead with funding

    Turkish lender Garanti Bank has raised a syndicated loan, as the country’s top-tier banks continue securing funding at competitive rates.

    • 26 Nov 2020
  • More primary ECM deals ahead despite nearing year-end

    Equity bankers have predicted a strong end to 2020 for primary issuance as more companies seek to raise capital to take advantage of bullish market conditions in preparation for 2021.

    • 26 Nov 2020
  • Loans market defiant as Moody’s frets over faltering economic recovery globally

    Moody’s has issued a stark warning on the precarious position of corporates if there is another mass outbreak of Covid-19 that slows economic recovery. But senior lenders say the syndicated loan market is once again ready to provide liquidity at short notice.

    • 26 Nov 2020
  • ESMA picks trio of candidates to be next chair

    The European Securities and Markets Authority (ESMA) has sent three names to the European Council and the European Parliament as candidates to be its next chair, replacing Steven Maijoor.

    • 26 Nov 2020
  • Deals expected after vaccine news lifts airline industry

    More airlines are expected to issue new shares and convertible bonds over the coming months as the industry prepares for a recovery in 2021, spurred by the widespread availability of Covid-19 vaccines.

    • 26 Nov 2020
  • Auto trio target different buyers amid supply rush

    Ford Automotive Finance (China), Dongfeng Nissan Auto Finance Co and domestic Chinese originator BYD Auto Finance Co competed head-to-head in the onshore auto loan asset backed securities market this week, but a strategy of targeting different investors helped bankers manage the competing supply, Addison Gong reports.

    • 26 Nov 2020
  • CCB sells onshore RMBS with two international ratings

    China Construction Bank priced a Rmb8.4bn Jianyuan 2020-12 residential mortgage-backed securities (RMBS) this week, attaching two international ratings to an all-floating rate deal.

    • 26 Nov 2020
  • JD Health IPO has “phenomenal” first day of bookbuilding

    JD Health International launched 2020’s largest healthcare listing this week, hitting the road to raise up to HK$27bn ($3.5bn) in a Hong Kong IPO. The issuer blends healthcare and technology, two of the hottest sectors in the IPO market this year. It covered the deal multiple times on the first day. Jonathan Breen reports.

    • 26 Nov 2020
  • China Resources Mixc, Leading launch HK IPOs

    China Resources Mixc Lifestyle Services, the property management business of state-owned developer China Resources Land, kicked off bookbuilding for its Hong Kong listing this week, followed quickly by mainland-based developer Leading Holding Group.

    • 26 Nov 2020
  • Lenders bank on bumper supply from China as eyes turn to 2021

    China-focused loans bankers are expecting a better year in 2021, betting on opportunities from healthcare and technology borrowers, as well as companies planning to delist. But strong competition from mainland banks and strict property regulations will cause headaches. Pan Yue reports.

    • 26 Nov 2020
  • Saving the world, one angry guest at a time

    It's funny what you start to miss after nearly a year without travel.

    • 26 Nov 2020
  • China Evergrande ends investor saga, adds SOEs

    China Evergrande Group got some relief from recent selling pressure this week, after convincing a large group of equity holders not to exercise a put option. It also signed up two new state-backed investors.

    • 26 Nov 2020
  • Evergrande property manager finds big demand for IPO

    Evergrande Property Services Group, the property management arm of embattled developer Evergrande Group, was wrapping up its Hong Kong IPO on a strong note as GlobalCapital Asia went press, with proceeds of up to HK$15.8bn ($2bn) looking within reach.

    • 26 Nov 2020
  • Natixis names new DCM head

    Natixis has named a new head of debt capital markets for Asia Pacific, following Kenneth Lee's move from the bank to Mizuho earlier this year.

    • 26 Nov 2020
  • Ganglong China makes dollar bond debut

    Unrated real estate company Ganglong China Property Group sold its maiden dollar bond on Wednesday, nabbing $150m from the high yield transaction.

    • 26 Nov 2020
  • Guatemala pays US court award to dodge default

    Guatemala has settled a long-running legal dispute with Florida-based Teco Energy, allowing it to pay bondholders and avoid defaulting on an international bond.

    • 26 Nov 2020
  • Traders cut covered bond inventory and anticipate slender premiums next year

    Covered bond traders are paring back inventory as they approach the end of the year, though there are a few sectors of the market where they intend to hold positions. High redemptions in the first half of the year will support spreads but January’s issuance glut may not see a rise in new issue premiums.

    • 25 Nov 2020
  • Wallonia, Cades bring what may be year's last SSA benchmarks

    Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.

    • 25 Nov 2020
  • Government reins in UK council borrowing with new PWLB guidelines

    The UK government tightened guidance for local authority borrowing on Wednesday, in a bid to stymie the riskier borrowing-to-invest models certain UK councils have adopted over the past decade.

    • 25 Nov 2020
  • URW raises debt after share sale debacle

    Shopping mall operator Unibail-Rodamco-Westfield priced a €2bn dual tranche bond from €7.2bn of demand on Wednesday, after fixed income investors were left unfazed by its shareholders blocking a rights issue earlier this month.

    • 25 Nov 2020
  • Seats to upright as Lufthansa helps airline bonds take off

    Deutsche Lufthansa decisively showed that bondholders will buy airline credit once again, without relying on extra security, extra upside or anything other than a broad-based mood of credit euphoria that is sending risk assets soaring.

    • 25 Nov 2020
  • Investors pounce on corporate ESG debt, slashing concessions

    Investors pumped €11.65bn of orders into €1.6bn of green and sustainable corporate bonds on Wednesday when paper company Stora Enso, utility Fluvius and real estate firm Cofinimmo all built bulging order books.

    • 25 Nov 2020
  • Bellway debuts in US private placement market

    UK homebuilder Bellway has sold £130m of US private placements, according to market sources, across seven and 10 years. This is likely to be the last broadly marketed USPP deal of the year.

    • 25 Nov 2020
  • UK piles an extra £92bn on to record borrowing programme

    The UK Debt Management Office provided an update to its funding programme following the Spending Review and the Office for Budget Responsibility’s Economic and Fiscal Outlook on Wednesday.

    • 25 Nov 2020
  • Fitch appoints Paladino as North America head of structured finance

    Fitch Ratings appointed Michael Paladino as the new head of structured finance for North America, its latest update from a global reshuffle.

    • 25 Nov 2020
  • Apac covered bond supply hopes boosted

    The outlook for Asian covered bond supply will have improved slightly in the wake of Tuesday’s deal from United Overseas Bank, particularly among Singaporean lenders. But issuance from Australia and New Zealand is expected to be more limited, reflecting their banks' priority to get ahead with regulatory funding.

    • 25 Nov 2020
  • Covid-19: sovereign borrowing response

    The Covid-19 pandemic is forcing many governments to expand their borrowing programmes. The table below details the impact of the outbreak on the funding requirements of major sovereign bond issuers.

    • 25 Nov 2020
  • Nordnet trades up following €885m IPO

    Shares in Nordnet rose in the aftermarket after the digital bank began trading on Nasdaq Stockholm on Wednesday, following its Skr9bn (€885m) IPO.

    • 25 Nov 2020
  • EBA gives hope to SRT market

    The European Banking Authority has lifted the spirits of those working in the significant risk transfer (SRT) market by suggesting that call options and early termination rights should not disqualify a transaction from achieving SRT recognition, pushing back on proposals made by European Parliament members.

    • 25 Nov 2020
  • Turkey prices $2.25bn flat to curve

    Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.

    • 25 Nov 2020
  • Handelsbanken flirts with sub-zero yield

    Svenska Handelsbanken sailed very close negative yield territory when it printed a €500m seven year green senior non-preferred deal on Wednesday.

    • 25 Nov 2020
  • Greene King securitization faces default as bondholders face a choice

    Greene King’s pub securitization Spirit Issuer is expected to default this year, after bondholders declined to waive potential covenant breaches in the same way they did for other pubcos, including the company’s larger, whole business securitization. This will give bondholders the right to enforce security, but it will test creditors’ desire to take over the assets outright.

    • 25 Nov 2020