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Manufactured Defaults: Is the End Near?

The Windstream bankruptcy has focused much attention (including ours) on “bankruptcy hardball” and “manufactured defaults”.  Last Wednesday, the LSTA hosted a webinar on those issues and how they could impact the loan market.  Coincidentally, the same day, ISDA published a consultation paper proposing amendments to their Definitions that would limit the impact of “narrowly tailored credit events,” which currently trigger CDS contracts while minimizing the actual financial impact on the company.

Unraveling Windstream

In last week’s newsletter we focused on the stunning court decision and $310 million judgment in Aurelius Capital’s suit against Windstream that led analysts to predict that Windstream would soon be forced into bankruptcy.  It didn’t take long for those predictions to come true; Windstream filed on Monday.

Crew You III (Or Windstream I)

An LSTA webcast last week (“Out of Court Restructurings Through Credit Agreement Buckets”) detailed situations in which borrowers used credit agreement or indenture buckets to facilitate creative restructurings that may not have been aligned with lenders’ expectations.  We noted then that the panel was timely and events this week certainly confirmed that view.

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LSTA Newsletter: December 6, 2019

This week, we revise our LIBOR deadline from 12/31/21 to 3Q20. (Well, technically, that was the FCA…and just for Stg LIBOR.) We review the secondary trading market in October (and hint toward November) and recap the latest on ESG and ratings. Finally, we remind you that we are now offering members a weekly LIBOR Q&A […]

Sustainability-Linked Loans: Financing the Green Transition

This practice note provides an overview of sustainability-linked loans (SLL). Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition. A Lexis Practice Advisor Practice Note by Amara Gossin, Barclays and Robert Lewis, Sidley Austin

ESG and Cyber in Credit Ratings Presentation

The focus on environmental, social, and governance (ESG) issues is intensifying across financial markets – the loan market included. This presentation was done by Jim Hempstead, Managing Director, Global Project & Infrastructure Finance and Brendan Sheehan, VP-Senior Analyst-Environmental, Social & Governance both from Moody’s Investor Service.

Secondary Trading & Settlement Monthly: October Executive Summary

November was a solid month in the secondary loan market, with S&P/LSTA Leveraged Loan Index (LLI) returning 0.59%. October, however, was a different story. Secondary loan trading volume spiked 19% in October to a six-month high of $64 billion. This followed a two-month stretch where volumes fell below $60 billion per month.

Credit Ratings and ESG (Part 1)

As 2019 comes to a close, the rise of environmental, social and governance (ESG) significance in financial markets has been undeniable. In Europe, this trend is quite established, but over the last two years it has jumped the pond and there is now significant ESG interest by U.S. investors.