The loan default rate in the US hit a five year high of 3.59% in October as $8 billion worth of loans to gaming and resort company Las Vegas Sands teetered on the brink of breaching their covenants. A covenant breach was only avoided when chief executive Sheldon Adelson injected $525 million of his own money into the struggling company. But it was not just Las Vegas Sands that had a narrow escape: its loans are...
