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SPGMI: Leveraged Commentary & Data (LCD) (Topic)最新文献

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Stress Testing U.S. Leveraged Corporates in a COVID-19 World 新冠肺炎背景下美国杠杆企业的压力测试
SPGMI: Leveraged Commentary & Data (LCD) (Topic) Pub Date : 2020-11-01 DOI: 10.5089/9781513561134.001
Carlos Caceres, Diego A. Cerdeiro, Danyang Pan, Suchanan Tambunlertchai
{"title":"Stress Testing U.S. Leveraged Corporates in a COVID-19 World","authors":"Carlos Caceres, Diego A. Cerdeiro, Danyang Pan, Suchanan Tambunlertchai","doi":"10.5089/9781513561134.001","DOIUrl":"https://doi.org/10.5089/9781513561134.001","url":null,"abstract":"This paper analyzes a group of 755 firms, with aggregate indebtedness of US$6.2 trillion, to assess the solvency risks and liquidity needs facing the U.S. corporate sector based on projections of net income, availability and cost of funding, and debt servicing flows under different stress test scenarios. The paper finds that leveraged corporates account for most of the potential losses arising from the macroeconomic stresses associated with the COVID-19 crisis, with a concentration of these losses in the oil and gas, auto, and capital and durable goods manufacturing sectors. However, potential losses from corporate debt write-downs appear to be a fraction of banks’ capital buffers and, given the size of the leveraged segment and the relatively long duration of that sector’s debt, the near-term liquidity needs of these corporates appear modest. Corporate stresses could, however, amplify the current economic downturn—as firms cut investment spending and reduce employment—potentially giving rise to significant indirect losses for the financial system.","PeriodicalId":155472,"journal":{"name":"SPGMI: Leveraged Commentary & Data (LCD) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123745160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Direct Lending: The Determinants, Characteristics and Performance of Direct Loans 直接贷款:直接贷款的决定因素、特征和绩效
SPGMI: Leveraged Commentary & Data (LCD) (Topic) Pub Date : 2019-09-01 DOI: 10.2139/ssrn.3450841
M. Loumioti
{"title":"Direct Lending: The Determinants, Characteristics and Performance of Direct Loans","authors":"M. Loumioti","doi":"10.2139/ssrn.3450841","DOIUrl":"https://doi.org/10.2139/ssrn.3450841","url":null,"abstract":"I explore the determinants, characteristics and performance of direct corporate loans, that is, loans originated by nonbank institutional investors without banks’ intermediation. In the aftermath of the financial crisis, direct lending has been the most rapidly growing credit market segment. I document that direct lending activity increases when commercial banks face greater regulatory pressure and during periods of weak bank loan and securitized debt issuance. Direct lenders are particularly active in geographic regions that experience more bank mergers and primarily focus on informationally opaque borrowers with limited credit history and few financing alternatives. Moreover, direct loans have higher interest rate, more flexible covenant structures and are more likely to be secured by borrower’s capital stock compared to institutional loans issued by banks. I further show that direct loans experience similar or somewhat better post-issuance performance compared to bank-originated institutional loans. Overall, I provide evidence consistent with the view that direct lending expanded the credit space without giving rise to adverse selection costs.","PeriodicalId":155472,"journal":{"name":"SPGMI: Leveraged Commentary & Data (LCD) (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124460161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Corporate Loan Securitization and the Standardization of Financial Covenants 企业贷款证券化与金融契约规范化
SPGMI: Leveraged Commentary & Data (LCD) (Topic) Pub Date : 2017-08-24 DOI: 10.2139/ssrn.2846703
Zahn Bozanic, M. Loumioti, Florin P. Vasvari
{"title":"Corporate Loan Securitization and the Standardization of Financial Covenants","authors":"Zahn Bozanic, M. Loumioti, Florin P. Vasvari","doi":"10.2139/ssrn.2846703","DOIUrl":"https://doi.org/10.2139/ssrn.2846703","url":null,"abstract":"We examine whether syndicated loans securitized through Collateralized Loan Obligations (CLOs) have more standardized financial covenants. We proxy for the standardization of covenants using the textual similarity of their contractual definitions. We find that securitized loans are associated with higher covenant standardization than non-securitized institutional loans. In addition, we show that CLOs with more diverse or frequently rebalanced portfolios are more likely to purchase loans with standardized covenants, potentially because standardization alleviates information processing costs related to loan monitoring and screening. We also document that covenant standardization is associated with greater loan and CLO note rating agreement between credit rating agencies, further supporting the relation between lower information costs and covenant standardization. Overall, our study provides evidence that loan securitization is related to the design of standardized financial covenants.","PeriodicalId":155472,"journal":{"name":"SPGMI: Leveraged Commentary & Data (LCD) (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133603892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 37
Reinstatement of Secured Debt in Chapter 11 Reorganizations after Charter Communications and Young Broadcasting 在Charter Communications和Young Broadcasting之后的第11章重组中有担保债务的恢复
SPGMI: Leveraged Commentary & Data (LCD) (Topic) Pub Date : 2011-04-22 DOI: 10.2139/SSRN.2181098
Jonathan D. Kurland
{"title":"Reinstatement of Secured Debt in Chapter 11 Reorganizations after Charter Communications and Young Broadcasting","authors":"Jonathan D. Kurland","doi":"10.2139/SSRN.2181098","DOIUrl":"https://doi.org/10.2139/SSRN.2181098","url":null,"abstract":"Dislocations and other trends in the global credit markets have made reinstatement of pre-bankruptcy debt an increasingly attractive proposition for borrowers looking to take advantage of loans extended at interest rates, principal amounts, and on “covenant-lite” terms which quickly vanished in the financial downturn. Rather than looking to secure financing at the current market rates and on the economic and legal terms presently available, borrowers may consider restructuring so as to capture the value of these “legacy loans” by means of reinstatement. From a lender perspective, the prospect of being compelled to reinstate below-market loans in a vastly altered marketplace to a borrower whose circumstances may very well have changed significantly constitutes a significantly disadvantageous event. This article seeks to unpack the relevant statutory framework and case law as they pertain to reinstatement by delving into the interrelated issues of impairment, cure, historical and prospective default, acceleration, change of control, and cramup. It further surveys lessons provided in the recent decisions of Charter Communications and Young Broadcasting in an attempt to highlight outstanding unsettled questions of law which remain in the area of reinstatement.","PeriodicalId":155472,"journal":{"name":"SPGMI: Leveraged Commentary & Data (LCD) (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114630587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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