EFTA Document EFTA01357782

I3 January 2015 HY Corporate Credit Energy In the past what has caused the banks to decrease RBLs for HY issuers,? Overall, since the mid-1990s (start of reliable data), lenders have seen par recovery on RBL facilities in all distressed and bankruptcy situations according to S&P. There are two main reason why this is the case. First, reserve engineers at the major lending banks use a lower price deck than the actual commodity strip price as a base case. And beyond that, the banks run a