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April 28, 2023 ARC Report

Key ARC Findings for the Week of April 29, 2023:

  • ARCs declined slightly last week from $332 billion to $320 billion.
  • The difference between face amount and market value is $81 billion, providing abundant opportunity for up tier exchanges and other liability management transactions (See Odinbrook’s posts on LinkedIn of strong coverage by the Financial Times on this topic).
  • Financial services continues to be the largest industry category for the ARCs.
  • 39% of the ARCs are B or split-rated.
  • Federal Reserve press conference at 2pm ET on 5/3. 
  • Recent notable bankruptcy filings include:
    • Whittaker, Clark & Daniels, Inc. (talc manufacturer-NJ)
    • Internap (2nd-time filing, Delaware)
    • Tritek International (363 sale-Del.)
  • Notable liability management transactions: Carvana extends exchange deadline to May 3, 2023 (See Odinbrook post on LinkedIn). Note that Carvana has 5 bond issues in the ARC list with a total face amount of $5.725 billion trading at a discount of more than $2.6 billion.

See full At-risk Credits (ARC) report for April 29, 2023.

Picture of Steven Strom

Steven Strom

Managing Director, Odinbrook Global Advisors

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