Slew of Loan Repricings Takes a Dent out of Returns

Kellerhals, Richard
February 2011
High Yield Report;2/21/2011, Vol. 22 Issue 8, p19
The article discusses the repricing of corporate debt at lower rates by several U.S. companies as of February 2011. Companies cited as doing this include Denny's, Solutia and Petco. It states that issuers of repriced loans have been able to remove as much as 104 basis points (bps) from their coupons, according to Barclays, which also claims that such transactions have resulted in the underperformance of their Capital Performing Loan Index by about 2.3%. While this benefits the companies, it claims that investors pay the price with smaller returns.


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