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...
Leveraged Lending Guidance continues to have a significant impact on the structuring of large corporate LBO deals. The average debt to EBITDA for large corporate LBO transactions has fallen below six times for the first time in eight quarters. So far in 1Q15, the average leverage is 5.91 times, down from 6.51 times in 4Q14 and…
When it comes to how banks finance their activities, there is little doubt we are in a new era. If anyone did question that the climate has changed, then a little-known Austrian institution may have caused them to think again this week. The government of Austria announced that Heta Asset Resolution, the “bad bank”… Subscribe
High Tide for Secondary Buyouts It isn’t too surprising that secondary buyouts (SBOs) hit a record by count in 2014. Globally, 707 SBOs closed last year valued at a combined $116.9 billion. The latter… Subscribe to Read MoreAlready a member? Log in here...
As the Federal Reserve sends out stronger signals about an interest rate hike and limited deal flow pushes secondary loan market bids up, retail investors are jockeying for a slow return to the loan market…. Subscribe to Read MoreAlready a member? Log in here...
It is a truism that the CDS product garners more headlines when companies default or are close to triggering a credit event. Last week we saw a typical example, and it will surely be the case next week as well. A credit event auction was held for Caesars Entertainment… Subscribe to Read MoreAlready a member?
The PE-strategic battle continues PE firms and strategic buyers have been waging a deal war the past few years. Both sides have complained about the advantages the other side has, but most PE executives will readily admit… Subscribe to Read MoreAlready a member? Log in here...
The institutional loan calendar has quieted in mid-February, hovering just south of $40 billion in the last week, down from roughly $47 billion the same time last year and nearly $73 billion during the third week of February 2013… Subscribe to Read MoreAlready a member? Log in here...
Hold times are leveling out Hold times for PE portfolio companies have been steadily creeping upward since about 2009, peaking around five and a half to six year medians…. Subscribe to Read MoreAlready a member? Log in here...
European investment grade credit has comfortably outperformed its US counterpart over the past 12 months. Based on the differing fortunes of the respective economies in the two regions, this might seem surprising. But the basis between the Markit iTraxx Europe… Subscribe to Read MoreAlready a member? Log in here...