Navigating Complex Debt Restructurings

Corporate & Institutional

The world of broadly syndicated lending faces unique challenges in periods of distress. These challenges can arise when corporate borrowers face liquidity issues affecting their ability to meet the provisions of loan agreements or make payments. They can also emerge more systemically in the case of macroeconomic turbulence that affects spending or credit markets.While COVID-19 may have seemed a harbinger of distress, we found that other less intuitive trends took hold in loan markets.