Shannon Harrington

New York

Executive Editor at Bloomberg News

Executive Editor for global credit markets coverage at Bloomberg News. RT's aren't endorsements; views are my own.

Articles

DISTRESS WATCH: Credit Sees Tenuous Easing From Tariff Turmoil

2 weeks ago | news.bloomberglaw.com | Shannon Harrington

The global pile of distressed debt eased from the highest level in more than seven months as some of the worst fears over the Trump Administration’s trade war ease. The total amount of bonds and loans in Bloomberg News’ global distressed debt tracker dropped 2.8% to $529.8 billion in the week ended April 25, according to data compiled by Bloomberg. It was the first weekly decline since Trump’s tariff announcement on April 2, though the tally is still up by more than $42 billion since then.
DISTRESS WATCH: Gazprom Rally Curtails Rise in Troubled Debt

1 month ago | news.bloombergtax.com | Shannon Harrington |Luca Casiraghi

A month-long rise in the global distressed-debt market came to a halt last week as bonds from Russian energy giant Gazprom rebounded. A selloff in credit markets on Monday, however, threatened to make the reprieve short-lived. State-controlled Gazprom saw $3.25 billion of its bonds emerge from distressed trading levels as brokers continued to speculate on a normalization of relations between the US and Russia.
DISTRESS WATCH: Gazprom Rally Curtails Rise in Troubled Debt

1 month ago | news.bloomberglaw.com | Shannon Harrington |Luca Casiraghi

A month-long rise in the global distressed-debt market came to a halt last week as bonds from Russian energy giant Gazprom rebounded. A selloff in credit markets on Monday, however, threatened to make the reprieve short-lived. State-controlled Gazprom saw $3.25 billion of its bonds emerge from distressed trading levels as brokers continued to speculate on a normalization of relations between the US and Russia.
’NJ Transit Is Ruining My Life’: Commuters Reach Breaking Point With Aging System

2 months ago | bloomberg.com | Sri Taylor |Shannon Harrington |Tim Annett |Danielle Moran

Share this articlePresident Donald Trump intends to put a stop to congestion pricing in New York — but a long-running headache for commuters to the financial capital is likely to drag on.
DISTRESS WATCH: Deepening China Crisis Offset by SBB, Altice

Jan 21, 2025 | news.bloombergtax.com | Shannon Harrington

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DISTRESS WATCH: Deepening China Crisis Offset by SBB, Altice

Jan 21, 2025 | news.bloomberglaw.com | Shannon Harrington

The global volume of distressed bonds and loans was almost flat at $503 billion during the week ended Jan. 17, according to Bloomberg News’ global distressed debt tracker. But while EMEA saw its pile of troubled debt drop at the fastest pace in two months, with landlord SBB almost fully emerging out of distress, builders are facing mounting issues in China.
DISTRESS WATCH: The LME Deal Frenzy Is Carrying Over Into 2025

Jan 7, 2025 | news.bloomberglaw.com | Shannon Harrington

Global credit markets entered 2025 with gauges of credit risk hovering near some of the lowest levels since the ZIRP era and default rates projected to decline over the next few months. One big reason that those default rates have remained high are liability management exercises, which showed little sign of slowing down as the year ended.
DISTRESS WATCH: Rally in Riskiest Debt Nears Another Milestone

Nov 26, 2024 | news.bloomberglaw.com | Shannon Harrington

The global market rally is pushing risk premiums on the lowest-rated corporate bonds to a level they’ve reached just a handful of times in the past 30 years. Spreads on US dollar-denominated bonds rated in the Caa tier on the Moody’s Ratings scale are 20 basis points above 500 basis points, a level last reached in 2021, according to Bloomberg index data. Those spreads briefly dropped below 500 basis points in the second quarter of 2021 for the first time since 2007.
DISTRESS WATCH: Rally in Riskiest Debt Nears Another Milestone

Nov 26, 2024 | news.bloombergtax.com | Shannon Harrington

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
DISTRESS WATCH: Leveraged Loans See Cracks After $1 Trillion Run

Nov 5, 2024 | news.bloomberglaw.com | Shannon Harrington

The leveraged loan market has been on a tear this year as investors piled into the floating-coupon debt when interest rates stabilized, fueling more than $1 trillion of new or repriced debt in the US alone. That, in turn shaved about $10 billion from the tally of actively traded distressed loans during the third quarter, as tracked by Bloomberg News. The election-induced return of interest rate volatility, though, is threatening to disrupt the leveraged loan rally.