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" ... Hertz’s demise serves as a great learning moment for financial analysts and CFOs. While the securitization market provides a cheaper source of funds, it makes debt renegotiation harder than traditional sources of funding, such as bank debt. This cost is especially onerous for large companies since the anticipation of their distress depresses the price of their assets. To be sure, the ABS market does provide an excellent way to diversify a company’s funding base. Securitization can be a great tool to raise funds at an attractive rate, but it makes sense to do so only if the firm is able to keep its default likelihood low. ... "
" ... So, even before hitting the most challenging new issues, the NAFTA renegotiation appears to be on a slow and difficult track. ... "
" ... The nature of the debt structure, with numerous creditor classes, means renegotiation is difficult or impossible, entrenched in legal and contractual procedures. The investors are not all equal, and their concerns are different and with more filings, I sense the desperation building up. Continuing on this current path, some noteholders will be wiped out or lose a substantial part of their investment, which was unfathomable until recently. This is not an untrodden path like structured products (mortgage-backed securities) during the financial crisis and pre-2000 vintage aviation structured products. ... "
" ... The success of securing the restructure of the sovereign debt with private creditors now feels like a lifetime ago for the Fernández administration. The expansion of the fiscal deficit during 2020 and the risk of further FX volatility in early 2021 in the financial and black markets mean that the renegotiation with the IMF will be a difficult one in 2021. And with the government quickly running out of policy levers, foreign investors are becoming increasingly concerned with more policy announcements that impact their operations. ... "