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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Distressed debt, exchange offer؟

يُعرف أيضًا باسم: distressed debt · exchange offer

Definition 26.1 Markets II: Rates, FX and Credit · الفصل 26 — Distressed, Sovereign and Bank-Capital Credit

Distressed debt is debt of a borrower in or near default, trading at a price that reflects an expected loss rather than a spread over the risk-free rate. An exchange offer is a borrower’s offer to its creditors to swap their claims for new instruments, typically worth less, with lower face value, lower coupons or longer maturities, sometimes with cash.

Value of the chapter’s exchange offer, per 100 of old face, against the exit yield at which the new 15-year 4% bonds will trade: with the 5 of cash paid to those who tender, and without it, which is what a holder bound by a collective action clause receives. The dots are . Illustrative; data: the chapter’s tutorial.
Figure 26.1. Value of the chapter’s exchange offer, per 100 of old face, against the exit yield at which the new 15-year 4% bonds will trade: with the 5 of cash paid to those who tender, and without it, which is what a holder bound by a collective action clause receives. The dots are Example 26.2. Illustrative; data: the chapter’s tutorial.

أمثلة

Example 26.2 (An exchange offer)

A borrower offers, per 100 of old bonds, 50 of new 15-year bonds paying 4% and 5 in cash for those who tender. At an exit yield of 9% the new bonds are worth 29.85 and the package 34.85: a face-value haircut of 50% but a present-value haircut of 65.2%. At an exit yield of 6% the package is worth 45.29, at 12% only 27.76 (Figure 26.1).

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