Hedge funds target quick profit from obscure corporate bond clause

Q: How long will it take to read this news story?

The story "Hedge funds target quick profit from obscure corporate bond clause" has 933 words across 30 sentences, which will take approximately 4 - 8 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "Hedge funds target quick profit from obscure corporate bond clause" was covered 5 days ago by Financial Times, a news publisher based in United States.

Q: How trustworthy is 'Financial Times' news outlet?

Financial Times is a fully independent (privately-owned) news outlet established in 1888 that covers mostly markets, finance, and investing news. The outlet is headquartered in United States and publishes an average of 3 news stories per day. It's most recent story was published 20 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #26242250</li><li>URL: https://chronographically.beamstart.com/news/hedge-funds-target-quick-profit-17398554698923</li></ul>

Financial Times 5d ago

Hedge funds target quick profit from obscure corporate bond clause - Financial Times

Quick Summary:

The argument hinges on a so-called cessation of business clause, which has become commonplace in documentation for safer investment-grade bonds in Europe in recent years.

However, advisers monitoring these opportunities said the bonds might not trade low enough to make the margin worth while.“The facts are a little bit different on each one, the holders are a little bit different, the documents are a little bit different,” said a restructuring lawyer familiar with the documentation.“So just because one goes one way, it doesn’t necessarily mean they all will.

Some holdout creditors, advised by law firm Milbank, rejected the offer, insisting that Annington had triggered a cessation of business clause and that they were due repayments at par.