Andy Kessler published an attention-getting op-ed in the Wall Street Journal this week. “The glory days of private equity are over,” he says, citing rising interest rates, more PE firms competing for… Subscribe to Read MoreAlready a member? Log in here...
US syndicated loan volume took a tumble in 1Q15 to log just over $350 billion, down 27% compared to year ago levels and a more substantive 40% drop over 4Q14 totals. The decline was most notable among leveraged issuers who pushed almost… Subscribe to Read MoreAlready a member? Log in here...
The bearish sentiment around Latin American credits was reversed last week as the US Federal Reserve signalled a more cautious economic outlook and subsequent slower path for monetary tightening. Vast quantities of emerging market debt, like that in Latin America, are denominated in US dollar…. Subscribe to Read MoreAlready a member? Log in here...
We’ve used this space several times to talk about the U.S. PE dealmaking landscape. Depending on which statistics you’re looking at, PE firms are targeting great companies and paying… Subscribe to Read MoreAlready a member? Log in here...
While the year began with the market tilted in favor of institutional investors, there have been some changes. With limited supply of institutional paper, investors are jumping into attractive credits, and issuers have been able to gain the upper hand…. Subscribe to Read MoreAlready a member? Log in here...
It’s that time of the year again when CDS market participants turn their attention to technical, rather than fundamental, factors. The Markit credit indices (iTraxx and CDX) roll every six months, and March 20 will see the first roll this year. This can result in significant dislocations between the… Subscribe to Read MoreAlready a member? Log in
Private equity is buying startups more often Private equity isn’t known as a big buyer of VC-backed startups, but that’s beginning to change. There were 119 buyouts of VC-backed companies in 2014, a substantial increase (35%)… Subscribe to Read MoreAlready a member? Log in here...
According to Thomson Reuters LPC’s latest survey of buyside and sellside institutions active in the middle market, the impact from Leveraged Lending Guidance on banks’ ability to invest in deals is becoming significant. Less than 10 percent of non-banks and one fifth of banks surveyed in… Subscribe to Read MoreAlready a member? Log in here...
Central bank domination of financial markets entered another level this week with the commencement of full QE in Europe. National central banks, at the behest of the ECB, began their purchases of government bonds on March 9. Yields on sovereign bonds in several countries were already negative before the start of QE, and they descended even further…
Fewer take-privates, more carve-outs When the $8.7 billion take-private offer for Petsmart was announced in December, some wondered if we were headed back to a more familiar private equity scene,… Subscribe to Read MoreAlready a member? Log in here...