Leverage on large corporate LBO deals came down modestly in 4Q14 as market players are responding to regulators’ feedback around Leveraged Lending Guidance. The average debt to EBITDA in 4Q14 for large corporate LBO financings is currently 6.53 times, down from 6.96 times in 3Q14.And outlier TIBCO Software… Subscribe to Read MoreAlready a member? Log in
A Closer Look at Fees For several months now, the SEC has been keeping a closer eye on fee disclosures from PE firms, particularly whether they’re telling their LPs that transaction and monitoring fees are being charged to portfolio companies…. Subscribe to Read MoreAlready a member? Log in here...
Retail Wars: M&A and PE Activity Diverging Poor consumer sentiment hasn’t really dampened enthusiasm among private equity investors, which continue to target… Subscribe to Read MoreAlready a member? Log in here...
Volatility was the name of the game earlier in the first-quarter as credit was swept up in the maelstrom affecting other asset classes, particularly US Treasuries and equities. The main credit indices spiked upwards and the Markit VolX Europe, which tracks realised volatility in… Subscribe to Read MoreAlready a member? Log in here...
The trend toward higher leverage seen in the U.S. has been mirrored across the pond as private equity firms increasing their reliance on the debt markets to finance buyouts and dividend recaps. Average debt-to-EBITDA… Subscribe to Read MoreAlready a member? Log in here...
The big story in the global economy as 2015 comes to an end is undoubtedly the sharp fall in the oil price. Brent crude is hovering around $70 a barrel, the lowest for about five years…. Subscribe to Read MoreAlready a member? Log in here...
Following a spike in volatility in October, investors remained cautious in November. Stronger credits caught investors’ attention and issuers were able to lower costs during syndication, but… Subscribe to Read MoreAlready a member? Log in here...
A Soft Fourth Quarter This Year We’ve heard from some industry professionals that fourth quarter deal flow is probably going to be softer than normal this year. The first two months of 4Q 2014 have seen 440 PE deals close in the U.S. worth a combined $90.9 billion…. Subscribe to Read MoreAlready a member? Log
Issuance conditions have been enticing, and with predictions of a rise in interest rates in mid-2015, opportunistic HY bond issuers have been streaming into the market lately to lock in relatively… Subscribe to Read MoreAlready a member? Log in here...
Back in the summer of 2013, there were two main themes that investors feared could trigger a change in the credit cycle. The first was the US Federal Reserve scaling back its quantitative easing programme, which precipitated the so-called taper tantrum. The second was a possible “hard landing” for the Chinese economy…. Subscribe to Read