Debt

Deals analysis

  • PIK toggles must improve transparency

    15 November 2013

    Credit analysts need clearer definitions in payment-in-kind (PIK) bond documentation to accurately assess deals

  • The covenants defining Europe’s HY surge

    15 November 2013

    European sponsors are looking beyond portability when negotiating borrower-friendly covenants into high-yield documentation, further bifurcating the private equity and corporate deal structures

  • China CITIC’s tier 2 first explained

    13 November 2013

    China CITIC Bank International issued a USD-denominated Basel III-compliant tier 2 bond on October 31. It represented the first tier 2 issuance in Asia with a partial write-down feature.

  • Vingroup high-yield bond sets SE Asia PE precedent

    13 November 2013

    The covenant package for this Vietnamese real estate company's debut US dollar high-yield bond required adjustment due to a private equity investment earlier this year

  • Suntech’s lessons for China’s bankruptcy regime

    06 November 2013

    The solar panel producer reveals shortcomings in China's insolvency regime and reminds investors to adequately price default risk into ChinaCo bonds

News analysis

  • What to expect from European HY structures

    15 November 2013

    New high-yield issuance in Europe has soared to a record €78 billion over the first 10 months of the year. The market's dramatic maturation has brought with it new capital structures, and there are more changes to come