Corporate Defaults and Recoveries - US: Private-Equity Tactics Keep Firm-Wide Recoveries Close to Average
CORPORATES SECTOR IN-DEPTH 16 November 2016 TABLE OF CONTENTS PE Sponsors May Increase Default Risk, But Firm-Wide Recoveries Are Close to Average 2 The Choice of Default Type Drives Recoveries for PE-Sponsored Deals 3 Bank Debt Spared Most Often, But Relative Position Matters 5 Subordinated Bank Debt Recovers Less When a PE Sponsor Is Present 6 Dividend Recapitalizations Still a Hollow Threat, At
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