Reorg Blog

Last week the European primary market saw just €11 billion-equivalent of new debt, half the issuance of the previous week. Unfavorable conditions hit the bond market hard, with Prax Group and AnaCap Financial pulling their bond offerings. Only Italian credit management solutions provider Cerved prevailed, pricing €1.05 billion floating-rate senior secured notes and €350 million senior secured fixed rate notes last week. Israeli resin-based homeware company Keter successfully placed a €100 million add-on to its existing term loan with a small group of existing lenders, after having postponed the issuance of a €1.175 billion seven-year term loan B due to...

Malaysia's economy returned to growth in the fourth quarter of 2021, as coronavirus curbs in the country were lifted and economic activity resumed. The nation’s gross domestic product rose 3.6% in the October to December period, faster than the 3.3% rise forecast in a Reuters poll and up from a 4.5% decline in the previous quarter. Meanwhile, the country’s full-year economic performance expanded 3.1% in 2021, rebounding from a 5.6% drop in 2020, CNA reported. A tax cut on crude palm oil (CPO) imports to India from 7.5% to 5% came into effect Feb. 13 as the world’s biggest edible...

Written by Kent Collier, Founder & CEO || Today marks the 100th edition of Reorg on the Record. We started publishing this weekly digest in the months leading up to the onset of the pandemic. A lot has happened in those two years and candidly, at least to me, it feels like a decade. The environment today feels quite different from March, April and May of 2020. Cases such as Whiting Petroleum, J.Crew, Avianca and many others dominated Reorg’s docket feed and no one knew what a meme stock was (gentle reminder: Gamestop was going through a proxy battle at...

Written by Adelene Lee, Managing Editor, Americas Core Credit, Middle Market & Municipals || As the Fed signaled that it is planning to increase interest rates at its March meeting, borrowers flocked to the capital markets in January to secure funding at rates that remain historically low. Given the direction interest rates are taking, investors are showing a preference for floating-rate instruments including leveraged loans, which saw numerous multi-billion dollar deals to support leveraged buyouts, while turning relatively more cautious on fixed-coupon, longer-duration high yield bonds. Reorg’s Americas team has begun to expand its focus to delve into selective sub-investment...