Earnings season is well underway and the Federal Reserve is set to end its bond purchase programme, but in Europe all eyes were on the results of the ECB’s asset quality review and stress tests. A total of 25 banks out of 130 failed the tests, though only 13 banks have capital shortfalls once prudential…
B2B is Booming The U.S. B2B industry has seen some of the strongest and most consistent activity from PE investors over the past three quarters. About $153.6 billion has been invested through Q3 2014, including another $44.6 billion in the third quarter. 2014 has already seen over $40 billion… Subscribe to Read MoreAlready a member?
Leverage levels continued to increase last quarter which brought year-to-date averages close to the levels last seen in 2007. This had some market participants throw up caution signs wondering if it was a bad case of déjà vu. But there are a few caveats to… Subscribe to Read MoreAlready a member? Log in here...
If there was any doubt that credit markets are dependent on central banks for their sustenance, then events this weeks would surely have laid them to rest. All it took was a report that stated the ECB is considering buying corporate bonds in the secondary markets, possibly as soon as the first-quarter of next year….
Q3 Deal Flow in Europe: Speed Bumps Remain 2014 hasn’t been the banner year industry professionals were expecting in Europe. Private equity (PE), venture capital (VC) and growth investment deal counts were soft in 3Q, which likely means that 2014 will end the year well below… Subscribe to Read MoreAlready a member? Log in here...
The global macro picture remains a concern, but credit investors will turn their attentions to micro factors over the next few weeks as earnings season gains momentum. US banks, as usual, will set the tone, and so far the indications are that results will be mixed. JPMorgan’s third-quarter net income of $1.36 per share was…
At $976 billion year to date, leveraged loan and high yield bond issuance is down 13 percent from the same period last year. However, 2013 was a record year driven by refinancing activity and this year’s figure is already ahead of any other full year on record with… Subscribe to Read MoreAlready a member? Log
We remarked last week that volatility had returned to the credit markets, and the spread oscillations this week suggests the trend is set to continue. However, this was no typical period for CDS.The vast majority of indices rolled on October 6th, later than the scheduled date of September 22nd, due to delays in adherence on…
Deal Flow Continued to Decline in 3Q PE deal flow in the U.S. continued to subside through 3Q. 588 deals were completed last quarter totaling $110.1 billion in capital invested. Deal flow is down 27% from the first quarter and capital invested declined 23% in the same period.One of the major culprits for both decreases…
Banks appear to be getting a bit more comfortable with leverage on middle market sponsored deals post their SNC review this year. Every quarter, Thomson Reuters LPC asks banks what is their maximum leverage cap for middle market sponsored-backed deals…. Subscribe to Read MoreAlready a member? Log in here...