Reorg Blog

Reorg has added Moody’s company and instrument rating data to Credit Cloud for use as an additional, critical screening data point.  Credit professionals can use this data to: Manage risk: Efficiently monitor downgrades with the “Moody’s - Long-Term Ratings Downgrades” reportSupport business development: Combine ratings data with current pricing, capital structure and Reorg's Restructuring Risk Index (RRRI™) dataKeep track of changes: Monitor for ratings actions or potential ratings actions across watchlists, clients’ holdings or portfolio To learn more about how Credit Cloud, and Moody’s ratings data, can help you extract unique data insights and more effectively drive critical workflows, request...

Register now! Join Reorg on Thursday, March 7, at 10 a.m. ET / 3 p.m. GMT as we discuss how Ardagh Group might approach its $3.2 billion of secured debt maturities in 2025 and 2026, with an eye on how it might utilize its stake in Ardagh Metal Group and a focus on the flexibility contained in its debt covenants.  In addition, we will discuss how Ardagh’s actions could affect the PIK toggle notes issued by ARD Finance, the ultimate parent company. Chiara Elisei, chief credit correspondent, EMEA, will moderate the webinar, and the presenters include: Bart Capeci, senior covenants...

Register now! Join Reorg on Tuesday, Mar. 5, as we we delve into the thriving landscape of private credit in India. Gain valuable insights into investment opportunities and risks with a stellar line up from across the sector. Panelists: Malvika Joshi, India editor, ReorgRahul Chhaparwal, Partner, Kotak Strategic SituationsSandeep Khemka, Managing Director, Neo Asset ManagementDevesh Malviya, Director & Head of Credit Sales, India, Deutsche Bank AGSrinath Narasimhan, Investment Director - Special Situations Fund, Edelweiss Alternative Asset Advisors Attendees can submit questions during the webinar or email them in advance here. Webinar details: When: Tuesday, Mar. 5, at 1:30 p.m. IST / 8a.m....

Download now! Aggressive Terms Swamped by Wave of Refinancings but Overall Covenant Capacities Increase This year-end wrap examines covenant trends seen in the European high-yield bond market in 2023, and what we expect to see in 2024. We will cover trends in 2023 European sustainability-linked high-yield bonds and in 2023 leveraged loans in separate reports. An analysis of the trends seen in the European restructuring market is available HERE. Key Takeaways Aggressive covenant terms generally retreated, driven by a wave of refinancings that recycled existing covenant terms. Somewhat counterintuitively though, overall general use covenant capacities largely increased. However, the two don’t...

Download now! 2023 Covenants Less Permissive Compared With 2022, but Slight Loosening at Year-End Gives Borrowers Cause for Optimism in 2024 Key Takeaways: A&E and refinancing transactions dominated 2023. However, a number of LBOs reinvigorated the market, and dividend recaps gave sponsors a route to extract returns where other exit options were not available.Our predictions at the start of the year have largely hit the mark. In A&E deals, covenant terms were mostly recycled, leading to improved overall covenant quality compared with 2022. There were few new money deals for investors to choose from though, leading to relatively looser terms on those...

Download the full report. 2023 had a brisk start to the year for chapter 11 filings, in particular for middle-market-and-up size filings.  In the First Day by Reorg 2023 Year in Review, our team provides a comprehensive overview of filings, including a timeline of annual aggregate chapter 11 filings spanning from 2016 to 2023. Notably, 2023 stands out with a thicker purple line, leading all years except 2020. Major industry developments and highlights: The consumer discretionary and healthcare sectors were the busiest of the year for cases with more than $100 million in liabilities, making up 21% and 20%, respectively, of the total. For...