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ARTICLE · 21 FEBRUARY 2018

Debt Buy-Backs: Back On The Menu?

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In the wake of the 2007 credit crunch, corporate debt was often trading in secondary markets significantly below par, largely reflecting lender liquidity concerns.

United KingdomFinance and Banking
Andrew Gregson
Andrew Gregson
Donald Lowe
Donald Lowe
Matthew Ayre
Matthew Ayre
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In the wake of the 2007 credit crunch, corporate debt was often trading in secondary markets significantly below par, largely reflecting lender liquidity concerns. This prompted certain borrowers to acquire their own debt, either as an investment opportunity or simply as a cheap way to de-lever and obtain financial covenant headroom. Fast forward a decade and debt buy- backs may again be on the agenda for corporate treasurers – but on this occasion perhaps due to the increasing prominence of non-amortising financing structures and consequently many borrowers accumulating cash reserves in a low-yield environment. This briefing explores some key considerations for corporate borrowers contemplating a debt purchase transaction.

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