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Capital Markets

Distressed debt market terms: Oldspeak and newspeak

As the credit markets grow ever more sophisticated, so the language participants employ grows ever more politically correct. Euromoney translates some of the new terms in vogue in the distressed debt market back into their original forms.

Distressed debt: Clever ways to do the dumbest things

  Private distress is most profitable


Old term

New term

Distressed

Stressed

Vulture fund

Special situations fund

Re-leveraged

Recapitalized

Equity

HoldCo PIK note

Bank

Institutional investor

Dumb money

CLO

Default risk

Refinancing risk

Creditworthiness

Liquidity

Cram down

Consensual restructuring

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