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Hybrid bond holders get the call they dreaded

Wednesday, January 22, 2014

Hybrid bond holders get stung as ArcelorMittal exercises right to call bonds after downgrade

Comment by: Anonymous. Posted 10 years ago [2014-01-23 00:36:35]

On its face, it appears ArcelorMittal made the right capital structure calculation. They likely won't make it to IG again soon. Why not issue lower coupon senior debt to pay down the higher coupon hybrid that no longer keeps the senior debt at the IG level?

Funds

Debtwire FY23 US Direct Lender Rankings 3 days ago
AXA wins USD 400m for SRT strategy from US pension fund 3 days ago
Blue Owl brings sovereign wealth fund deputy CIO onboard 3 days ago
Australian private credit fund-of-funds launched for retail investors 5 days ago
New Mexico pension system approves USD 150m top-up to distressed debt fund 5 days ago

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