Covered Issuers (21)
Mining (gold + PGMs)
Sibanye Stillwater
$675M 4.000% 2026 & $525M 4.500% 2029
0.58x <= 2.50x
OPEN
Mining (gold)
Aris Mining
$450M 8.000% Senior Notes Due 2029
12.52x >= 2.00x
OPEN
Petrochemical
Braskem IDESA
$900M 7.450% Senior Secured Notes Due 2029
Structural breach
BREACH
Renewables / project finance
Adani Green — RG I
930 MW ring-fenced restricted group, 3 co-issuers
2.28x >= 1.55x
OPEN
Renewables / project finance
Adani Green — RG II
570 MW ring-fenced restricted group, 3 co-issuers
2.53x >= 1.55x
OPEN
Integrated oil & gas
YPF — Secured 2031
Clase XXVIII Secured 2031 (trade receivables secured)
2.00x <= 3.00x
OPEN
Banking / FIG (Caribbean financial conglomerate)
NCB Financial Group
US$225M 11.000% Senior Secured Notes Due 2030
2.29x >= 2.00x
WARNING
Cable & Telecommunications (UK)
Virgin Media Secured Finance
£300M 5.250% + $825M 5.500% Senior Secured Notes Due 2029
3.88x <= 4.00x
WARNING
Telecommunications (Mexico)
Total Play
US$200.2M 11.125% Senior Secured Notes Due 2032
2.72x <= 4.50x
OPEN
Integrated oil & gas
YPF — Unsecured 2031/2034
Clase XXXIV 8.250% 2034 & Clase XXXI 2031 (shared unsecured covenant package)
2.00x <= 3.00x
OPEN
Consumer Credit / Debt Purchaser (UK, LBO)
Sherwood Financing (Arrow Global)
€640M Senior Secured Floating Rate Notes Due 2027
1.85x >= 2.00x
BREACH
Oil & Gas (Indonesia, upstream E&P)
Medco Energi
US$400M 8.625% Senior Notes Due 2030
4.14x >= 3.00x
OPEN
Software / SaaS (Italy, PE-backed LBO)
TeamSystem
Senior Notes Due 2031
3.51x >= 2.00x
OPEN
Healthcare (Latin America — Peru / Mexico / Colombia)
Auna
US$365M 8.750% Senior Secured Notes Due 2032
3.76x < 4.00x
WARNING
Outdoor Advertising / Media (US)
Clear Channel Outdoor
Senior Notes Due 2031
9.73x <= 7.00x
BREACH
Oil & Gas (US, upstream E&P)
Civitas Resources
9.625% Senior Notes Due 2033
7.17x >= 2.00x
OPEN
Online Used-Vehicle Retail (US, distressed-exchange vintage)
Carvana
US 10.25% Cash / 12.00% PIK Toggle Senior Secured Notes Due 2030
4.43x > 2.00x
OPEN
Digital Media / Stock Photography (US, post-merger LBO)
Getty Images
US$628.4M 10.500% Senior Secured Notes Due 2030
5.97x <= 5.00x
BREACH
Gaming / Lottery (Italy)
Lottomatica Group
Senior Notes Due 2031 (Italian PE LBO)
3.28x >= 2.00x
OPEN
Cable Networks / Media (US)
AMC Networks
10.500% Senior Notes Due 2032
2.39x >= 2.00x
WARNING
Equipment Rental (US)
Herc Holdings
Senior Notes Due 2034
4.37x >= 2.00x
OPEN