LCDS recovery rates go from bad to worse with British Vita
The loans secondary market is continuing to predict very poor recovery rates for European leveraged loans. The recovery level of UK chemicals company British Vita’s senior LCDS debt was determined at just 15.5%, and its second lien at 2.975%, in an auction held today (Monday) by Markit. This means that sellers of protection on the senior debt will have to pay out 84.5% of the amount of protection they sold.
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