DISTRESS WATCH: Credit Stress Rises From 2024 Low With Altice

The global distressed debt tally rose from the lowest level of the year as a rally fueled by the Federal Reserve’s rate cut this month lost steam.

The amount of bonds and loans in Bloomberg News’ global distressed debt tracker rose 0.8% to $533.5 billion in the week ended Sept. 27. The measure increased 3.9% in EMEA, the sharpest gain across the three regions, driven by Altice France. The French firm saw $4.5 billion of bonds and loans dropped into distress after Bloomberg News reported it’s been sounding out Apollo and other investment firms to raise fresh debt backed ...