Earnings Digest — Week ending 21/04

Lipton Teas lenders join co-op

Lenders to Dutch tea maker Lipton Teas and Infusions have signed a co-op agreement to organise ahead of potential talks with the sponsor CVC, according to 9fin sources. Over 50% of the first lien lenders have joined the co-op and a steering committee made up of a mix of CLOs and secondary funds has formed, the sources said.

Restructure abroad, enforce at home — The rise of US Chapter 15

In the past few years the use of Chapter 15 recognition procedures in the US has started to look less like a traditional cross-border comity tool and more like an enforcement step for US companies to conduct their restructuring elsewhere and bring the final restructured package safely back home.

LatAm Weekly — The plot thickens in Braskem’s restructuring

Asia weekly — Shapoorji seeks maturity extension

European IG Wrap — Muted activity after US-Iran deal as Warsh debuts as Fed Chair

Excess Spread — Tampa template, choose your own adventure

The week after Barcelona should be a week for strong execution. Meetings at the conference give a better-than-usual line of sight to where bonds will land, and when coupled with the New Treaty of Versailles, it’s a good time to sell deals.