Corporate Borrowing & Debt

Vaccine hope fuels rally.

Restructurings become more difficult as creditors seek not to keep the company going, but to enhance their own returns.

"You entered the pandemic with dozens of U.S. high-grade companies carrying around $1 trillion of debt in aggregate, pledging to pay down debt or grow their way into lower leverage." That's going to be hard in this economy.

Record level of borrowing relative to earnings threatens to imperil the economic recovery.

In less than eight months, sales' value has already surpassed the total for all of 2017.

IRS temporarily loosens tax-break rules on corporate debt payments.

Initial targets for direct buying include AT&T, UnitedHealth, and Walmart.

When businesses get desperate and covenant violations seem imminent, disputes between lenders and borrowers (and their private equity sponsors) get heated.