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Glossary: Financial Terms
Stressed debt:
These are subjective judgements but here we identify companies showing early signs of financial trouble as indicated by their bond and/or CDS prices. However, many of these companies can likely recover via capital markets activity, disposing businesses, a turnaround in trading performance or combination of these.
Distressed debt:
Companies at the next stage of trouble where a financial restructuring may be necessary.
Expected deals:
Companies that have defaulted or have publicly announced that they will restructure but restructuring terms are still under discussion.
Live deals:
Workouts where the parties have reached a preliminary agreement on terms and are going through the legal procedures of getting those terms fully agreed by all parties and the necessary approvals in place.
Post restructuring:
Any company that has been restructured during the last two years. We track these situations looking for capital markets and M&A activity.
High Yield Pipeline:
Detailed list of all companies expected to launch a high yield issue in the next six months giving details of offering size, key terms and bookrunners.
Debt Maturity:
Taken from our balance sheet analysis, a list of all significant (>$100m) debt maturities during the next 18 months from the universe of stressed through post restructuring companies (does not include all High Yield)
Advisor Levels
Levels are attached to advisors that reflect their seniority. Financial advisors: Level 1:MDs; Level 2:Directors; Level 3:Team Leaders; Level 4:Others.
Legal advisors: Lever 1:Partners; Level 2:Others. All other advisors: Level 1 only.
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