As detailed in our previous post on the topic, in response to COVID-19, companies have been drawing on their revolving credit facilities. We have updated our algorithmic search of SEC 8-K filings to cover the period from March 1st – 27th. Our update reveals a ... >>>Read More
COVID-19 and Share Repurchase Suspensions
In a previous post, we analyzed the trend of drawing down on credit facilities to enhance liquidity during the COVID-19 crisis. In a similar theme, many companies are also reconsidering their capital return programs. We quantified the number of companies that have announced the ... >>>Read More
Update: COVID-19’s Impact to the Convertible Market
Highlight: The convertible market has continued to weaken since March 13. By our calculations, expected new issue coupons are now 3% higher than in mid-February and 1.5% higher than on March 13. In a previous post, we examined the impact of the current volatile market conditions on ... >>>Read More
Measuring COVID-19 Credit Facilities Drawdowns
Updated on 3/31/2020 for additional data from algorithm refinement As social distancing and business closures have taken hold in the last several weeks in response to the developing Covid-19 pandemic, a number of companies are bracing for a downturn by improving their liquidity ... >>>Read More
Share Repurchase Strategies for Volatile Markets
Over the past three weeks, the VIX index (a measure of expected volatility of the US market over a 30-day forward looking period) has steadily increased from the mid teens to a maximum of 82.7% on 16-Mar-2020. To put this in perspective, the VIX index peaked at 80.9% during the 2008 financial ... >>>Read More