Covid-19 Pandemic Risk Events: Difference between revisions
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Latest revision as of 12:25, 25 May 2020
Purpose
The Covid-19 Pandemic Risk Events is an open catalog of observed (publicized) operational, credit or other major business (risk events) directly or closely associated with the 2019-2020 COVID-19 Pandemic. The catalog aims to document the breadth and sequence of such events reasonably accurately to allow risk managers understand existing vulnerabilities of financial / economic systems. See below for more precise criteria for inclusion and the adopted data schema.
Contribute to the List
Help make the list a useful record of one of the most distressing economic events in modern history. You can add a suggestion for a missing event by simply clicking on the feedback button at the end of the page!
Notes
- This Open Risk Manaul entry serves as a convenient (live) collection point for relevant public data of economic / financial events. In due course this primary source of event data will be migrated to the repository of structured Open Risk Data
- The organization and structure of the data collection is amended as the crisis unfolds
List of Collective Events
1. Domain | 2. Date | 3. Region | 4. Description | 5. Links | 6. Remarks |
---|---|---|---|---|---|
Bond Funds | April 7 2020 | Sweden | Scandal Follows Crisis After 35 Bond Funds Frozen in Sweden | Bloomberg | Liquidity Risk |
Policy Actions | March onwards | Global | Central Bank / Regulatory / Government Interventions | Coronavirus Response Tracker, IMF Policy Response Tracker | |
Credit Ratings | April 17 | US | For 1st time since 2008, a CLO triggers its senior overcollateralization test | SP Global | |
Oil Futures | April 17 | US | West Texas Intermediate futures for May delivery plunged more than 100% to -$37.63 a barrel | Investor's Business Daily |
- NOT INCLUDED: Economic statistics and similar aggregate data points (unless of an extraordinary nature that reveals importnat elements of economic function)
- NOT INCLUDED: Adverse market moves (unless of an extraordinary nature that reveals important elements of market function)
List of Individual Events
1. Entity | 2. Publication Date | 3. Country | 4. Category | 5. Event Description | 6. Event Type | 7. Loss Amount | 8. Links | 9. Remarks |
---|---|---|---|---|---|---|---|---|
Hertz Global Holdings Inc | May 23 2020 | US | Transport | Hertz Says Pandemic Decimated Revenue, Leading to Bankruptcy | Credit Risk | $24 billion in debt | US News, Bloomberg | |
JCPenney | May 15 2020 | US | Retail | Event Description | Credit Risk | N/A | Forbes | |
Parking Management Inc. | May 11 2020 | US | Transport | One of D.C.'s largest parking management firms seeks bankruptcy protection | Credit Risk | N/A | Washington Business Journal | |
Foodora | May 11 2020 | CA | Retail | Event Description | Credit Risk | N/A | Globe News Wire | |
Avianca | May 10 2020 | AR | Airlines | Event Description | Credit Risk | N/A | Company Page | |
Stage Stores | May 10 2020 | US | Retail | Event Description | Credit Risk | N/A | Company Page | |
J.Crew | May 4 2020 | US | Retail | Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout | Credit Risk | N/A | Reuters, Company Page | |
ALDO Group | May 7 2020 | CA | Retail | Event Description | Credit Risk | N/A | Newswire | |
Neiman Marcus | May 7 2020 | US | Retail | Event Description | Credit Risk | N/A | Company Page | |
Techniplas | May 6 2020 | US | Automotive | Event Description | Credit Risk | N/A | PRNewswire | |
Gold’s Gym | May 4 2020 | US | Consumer | Event Description | Credit Risk | N/A | Company Page | |
Rubie’s Costume | Apr 30 2020 | US | Clothing | Event Description | Credit Risk | N/A | US Courts | |
Edcon | Apr 29 2020 | SA | Retail | Event Description | Credit Risk | N/A | Company Page | |
CMX Cinemas | Apr 25 2020 | US | Entertainment | Event Description | Credit Risk | N/A | Inforuptcy | |
Diamond Offshore Drilling | Apr 25 2020 | US | Energy | Event Description | Credit Risk | N/A | PRNewswire | |
Creative Hairdressers Inc. | Apr 24 2020 | Austria | Services | Vienna-based Hair Cuttery parent files for Chapter 11, gets outside investment | Credit Risk | N/A | WTOP | |
Speedcast International | Apr 23 2020 | Australia | ICT | Australia’s Speedcast International Files for Bankruptcy | Credit Risk | N/A | WSJ, Company Page | |
Air Mauritius | Apr 22 2020 | Mauritius | Airlines | Air Mauritius Files for Voluntary Administration to Avoid Bankruptcy | Credit Risk | N/A | AirlineGeeks | |
Hin Leong | Apr 21 2020 | Singapore | Commodity Trading | Top Singapore Oil Trader Cooked Books For Years, Owes Banks Billions | Credit Risk | $3.85 billion to 23 banks | International Business Times | |
Virgin Australia | Apr 21 2020 | Australia | Airlines | Virgin Australia, nation’s second-largest airline, seeks bankruptcy protection amid coronavirus shutdown | Credit Risk | N/A | USA Today, Company Page | |
Hin Leon | Apr 18 2020 | SG | Commodity Trading | Event Description | Credit Risk | N/A | Forbes | |
MQ | Apr 16 2020 | Sweden | Retail | Swedish fashion retailer MQ will file for bankruptcy | Credit Risk | N/A | NASDAQ, Company Page | |
Amazon | Apr 15 2020 | France | Retail | Amazon Halts Activity at French Warehouses After Court Order | Political Risk | N/A | Bloomberg | |
Yuma Energy, Inc | Apr 15 2020 | US | Energy | Yuma Energy, Inc. Files for Chapter 11 Protection | Credit Risk | N/A | PR Newswire | |
Frontier Communications | Apr 15 2020 | US | ICT | Frontier Communications Files for Chapter 11 Bankruptcy | Credit Risk | N/A | WSJ, Company Page | |
JC Penney | Apr 15 2020 | US | Retail | JCPenney misses debt payment among reports of bankruptcy preparations | Credit Risk | N/A | CNN | |
True Religion | Apr 14 2020 | US | Retail | True Religion Files for Its Second Bankruptcy in Three Years | Credit Risk | N/A | Footwear News | |
Longview Power LLC | Apr 14 2020 | US | Energy | KKR-Backed Power Company Files for Bankruptcy After Tapping Stimulus Funds | Credit Risk | N/A | WSJ | |
Pace Industries | Apr 13 2020 | US | Automotive | Pace Industries to File Chapter 11 Bankruptcy | Credit Risk | N/A | Arkansas Business | |
Alpha Entertainment | Apr 13 2020 | US | Entertainment | XFL files for Chapter 11 bankruptcy after suspending operations | Credit Risk | N/A | ESPN | |
LSC Communications | Apr 13 2020 | US | Consumer | LSC Communications Files for Chapter 11 Bankruptcy | Credit Risk | N/A | WSJ, Businesswire | |
True Religion | Apr 13 2020 | US | Clothing | Event Description | Credit Risk | N/A | APNews | |
British Prime Minister Boris Johnson | Apr 8 2020 | UK | Governement | U.K.'s Johnson, Suffering From COVID-19, Spends 2nd Night In ICU | Key Person Risk | N/A | NPR | |
Apex Parks Group | Apr 8 2020 | US | Entertainment | Event Description | Credit Risk | N/A | Company Page | |
Quorum Health | Apr 7 2020 | US | Health | Event Description | Credit Risk | N/A | Businesswire | |
Morgan Stanley | Apr 6 2020 | US | Financial Services | Morgan Stanley CEO Recovered From Coronavirus | Key Person Risk | N/A | WSJ | |
Debenhams | Apr 3 2020 | UK | Retail | Debenhams prepares to file for bankruptcy | Credit Risk | N/A | Guardian, Company Page | |
RavnAir | Apr 5 2020 | US | Airlines | Event Description | Credit Risk | N/A | Company Page | |
Quorum Health Corporation | Apr 3 2020 | US | Health Care | Quorum says it may have to file for bankruptcy | Credit Risk | N/A | HealthCareDive, Edgar | |
Whiting | Apr 2 2020 | US | Energy | Shale group Whiting files for Chapter 11 | Credit Risk | $650m credit line, $2.4bn in outstanding bonds | FT | |
Xerox Holdings Corp. | Apr 1 2020 | US | ICT | HP Shares Fall After Xerox Ends Hostile Takeover Bid | Event Risk | N/A | Morningstar | |
Signa Holding GmbH | Apr 1 2020 | DE | Retail | Signa’s Galeria Karstadt Kaufhof Files for Creditor Protection | Credit Risk | N/A | Bloomberg Law | |
Dean & DeLuca | Apr 1 2020 | US | Retail | Event Description | Credit Risk | N/A | Bloomberg | |
USA Rugby | Mar 31 2020 | US | Entertainment | Covid-19: USA Rugby files for bankruptcy | Credit Risk | N/A | NST | |
Whiting Petroleum | Apr 1 2020 | US | Energy | Event Description | Credit Risk | N/A | Businesswire | |
Jefferies Group | Mar 30 2020 | US | Investment Services | Jefferies CFO Peg Broadbent dies at 56 of complications linked to coronavirus | Key Person Risk | N/A | USA Today | |
BrightHouse | Mar 30 2020 | UK | Real Estate | Event Description | Credit Risk | N/A | Company Page | |
Carluccio's | Mar 30 2020 | UK | Consumer | Restaurant latest coronavirus high street victim - 2,000 jobs at risk | Credit Risk | N/A | Express | |
BrightHouse | Mar 30 2020 | UK | Consumer | Carluccio's and BrightHouse collapse into administration | Credit Risk | N/A | Guardian | |
Cirque du Soleil | Mar 27 2020 | Canada | Consumer | Cirque du Soleil might file for bankruptcy after Covid-19 put live events on hold | Credit Risk | $950 million in debt | Reuters | |
OneWeb | Mar 27 2020 | US | ICT | OneWeb to file for bankruptcy as effort to secure funding, including from investor SoftBank, falls through | Credit Risk | N/A | TechCrunch, Company Page | |
Miami Air International | Mar 26 2020 | US | Airlines | Miami Air Files for Chapter 11 Reorganization | Credit Risk | N/A | Aeronautics | |
ABN Amro | Mar 26 2020 | NL | Derivatives | ABN Amro confirms $200 million hit from client’s failed margin call | Credit Risk | $200m | The Trade | |
AG Mortgage | Mar 25 2020 | US | Real Estate | AG Mortgage seeks to prevent RBC from auctioning off mortgage debt | Credit Risk | $11 million collateral | Reuters | |
Neiman Marcus Group Inc | Mar 24 2020 | US | Consumer | Neiman Marcus Considers Bankruptcy to Ease Crushing Debt Load | Credit Risk | $524 million of outstanding borrowings | Bloomberg/MSN | |
Invesco Mortgage Capital | Mar 24 2020 | US | Real Estate | REIT unable to meet margin calls, in discussion with lenders on forebearance agreements | Credit Risk | N/A | MarketWatch | |
MFA Financial, Inc | Mar 24 2020 | US | Real Estate | Residential Mortgage REIT Can't Meet Margin Calls | Credit Risk | N/A | Builder | |
Goldman Sachs | Mar 23 2020 | US | Asset Management | Goldman Sachs spent nearly $1.9bn to shore up liquidity in two of its “prime” money market funds after a rush of outflows | Liquidity Risk | $1.9bn | FT | |
Modell’s Sporting Goods | Mar 21 2020 | US | Retail | Event Description | Credit Risk | N/A | Businesswire | |
Vapiano | Mar 20 2020 | DE | Consumer | Vapiano calls for Berlin bailout after revealing insolvency | Credit Risk | €441m of debt | FT | |
BNY Mellon | Mar 20 2020 | US | Asset Management | Bank swaps $1.2bn of assets for cash to cover redemptions at Dreyfus Cash Management fund | Liquidity Risk | $1.2bn | FT | |
Ford Motor Company | Mar 20 2020 | US | Transport | Banks face liquidity strain as corporations tap revolving credits | Liquidity Risk | $15.4bn from two revolving credit lines | Reuters | |
Nygard Entities | Mar 19 2020 | US | Clothing | Event Description | Credit Risk | N/A | WSJ | |
Trans States Airlines | Mar 17 2020 | US | Airlines | Trans States Airlines to shut down Apr 1, first US carrier to close amid coronavirus crisis | Business Risk | Reuters | ||
Internmap | Mar 16 2020 | US | ICT | Event Description | Credit Risk | N/A | Company Page | |
Boeing Co | Mar 11 2020 | US | Airlines | Boeing to draw down billions in loan cash as pressure builds | Liquidity Risk / Corporate Credit Risk | $13.8 billion (total) | Reuters | |
Compass Airlines | Mar 10 2020 | US | Airlines | Compass Airlines to shut down operations | Business Risk | FlightGlobal | Related to Trans States via holding company | |
Foresight Energy | Mar 10 2020 | US | Energy | Foresight Energy Files For Chapter 11 Bankruptcy | Corporate Credit Risk | $1.4 billion in claims | Nasdaq, Businesswire | |
Spectra Premium | Mar 10 2020 | CA | Automotive | Event Description | Credit Risk | N/A | Businessinsider | |
Bluestem Brands | Mar 9 2020 | US | E-Commerce | Event Description | Credit Risk | N/A | Businesswire | |
Art Van Furniture | Mar 8 2020 | US | Retail | Event Description | Credit Risk | N/A | Freep | |
Flybe | Mar 5 2020 | UK | Airlines | Flybe: airline collapses two months after government announces rescue | Corporate Credit Risk | N/A | Guardian, Company Page | |
CraftWorks | Mar 3 2020 | US | Restaurants | Event Description | Credit Risk | N/A | Primecleck | |
Pioneer Energy | Mar 2 2020 | US | Energy | Event Description | Credit Risk | N/A | PRNewswire | |
Pier 1 | Feb 27 2020 | US | Retail | Event Description | Credit Risk | N/A | Investor | |
Mallinckrodt | Feb 25 2020 | US | Pharmaceuticals | Event Description | Credit Risk | N/A | PRNewswire | |
Cosi | Feb 24 2020 | US | Restaurants | Event Description | Credit Risk | N/A | APNews | |
Chongqing Rural Commercial Bank and other Chinese Banks | Feb 13 2020 | China | SME Lending | Coronavirus outbreak spells trouble for China’s banks | SME Credit Risk | N/A | FT | |
McClatchy | Feb 13 2020 | US | Publisher | Event Description | Credit Risk | N/A | Company Page | |
RentPath | Feb 11 2020 | US | Real Estate | Event Description | Credit Risk | N/A | Businesswire | |
Earth Fare | Feb 4 2020 | US | Retail | Event Description | Credit Risk | N/A | PRNewswire | |
Helios and Matheson | Jan 29 2020 | US | Entertainment | Event Description | Credit Risk | N/A | WSJ | |
Bar Louie | Jan 27 2020 | US | Restaurants | Event Description | Credit Risk | N/A | PRNewswire | |
Lucky’s Market | Jan 27 2020 | US | Retail | Event Description | Credit Risk | N/A | Supermarket News | |
Fairway Market | Jan 23 2020 | US | Retail | Event Description | Credit Risk | N/A | PRNewswire | |
McDermott International | Jan 21 2020 | US | Construction | Event Description | Credit Risk | N/A | Company Page | |
Krystal | Jan 19 2020 | US | Food | Event Description | Credit Risk | N/A | Company Page | |
Borden | Jan 5 2020 | US | Food | Event Description | Credit Risk | N/A | PRNewswire |
- Some entries are tentatively included as placeholders even though they might be broader narratives rather than definitive event descriptions
- Some entries are tentatively included even if the causal connection with the pandemic is not obvious
- NOT INCLUDED: Individual Ratings downgrades or other such indicators of distress that are not fully realized events
Schema for the Individual Risk Event Table
Entity
An (informal) identification of the entity involved
Category
The subsector / industry in which the entity is operating
Publication Date
A rough indication (+/- Month of the Year) of when the risk event has become more widely known
Event Description
A brief narrative of the main aspects of the event, ideally with links to corresponding explanatory entries of the underlying risk mechanisms
Country
The Country where the company is incorporated and / or where the risk event materialized
Loss Amount
Where available, a monetary amount as an indicator of the scale of the event
Links
Links to reputable and permanent URL's where the event is discussed.
Event Type
The event types categorization will primarily be drawn from suitable subsets of the Operational Risk and Credit Risk taxonomies but in principle any relevant Risk Type from the Risk Taxonomy will be included.
- Business Disruption and Systems Failures - utility disruptions, software failures, hardware failures
- Business Execution, Delivery, and Process Management - data entry errors, accounting errors, failed mandatory reporting, negligent loss of client assets
- Internal Fraud - misappropriation of assets, tax evasion, intentional mismarking of positions, bribery
- External Fraud - theft of information, hacking damage, third-party theft and forgery
- Employment Practices - discrimination, workers compensation, employee health and safety
- Legal Risk - Clients, Products, and Business Practice - market manipulation, antitrust, improper trade, product defects, fiduciary breaches, account churning
- Physical Damage - Damage to Physical Assets - natural disasters, terrorism, vandalism
Criteria for inclusion
Risk Event Eligibility
- There should be adequate, independent, confirmed and public information about the event, with authoritative, permanent urls.
Materiality Threshold
At present there is no explicit materiality threshold