Legal Spotlight
As the credit cycle turns and the market prepares for a rise in the speculative-grade default rate, Stephen Phillips, partner at White & Case, fears that high-yield bondholders across Europe may be marginalised in the next wave of restructurings
Sliding down the capital structure
I am writing a day after the Bank of England lowered interest rates. Counterintuitively, shortly after the announcement the interbank rates increased, the pound strengthened and share prices fell. These are not the easiest times to make solid predictions and trading decisions and it is my observation that many of those operating in the bond and loan markets have struggled to make sense of the recent conditions. It seems that many of us are having to cope with
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