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| Bank Loan and Bond Recovery Study: 1997-2000 by Steven O’Shea of Fitch Ratings, March 19, 2001 Introduction: The dramatic increase in high-yield bond defaults, in addition to general credit deterioration over the past two years, has resulted in commensurate growth of the distressed debt market. High-yield default rates of 5.1% in 2000 and 4.3% in 1999, up from 1.9% in 1998, have led to over $50 billion of defaults in the high-yield bond market over the past two years. Many of the issuers of these defaulted bonds also had syndicated bank loans on which they defaulted. Download paper (116K PDF) 6 pages Related reading: Bank Loan Loss Given Default  |
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