October 24, 2014 – Price talk has been set for a $1 billion loan offering to fund the buyout of payments processing firm TransFirst Holdings by Vista Equity Partners.
October 24, 2014 – Loan mutual funds and ETFs saw $1.66 billion walk out the door the week ending Oct. 22, the highest mark since $1.5 billion was taken out in the first week of August, according to Lipper.
October 24, 2014 – German healthcare services provider Fresenius priced a total of $900 million of senior notes in a two-part offering.
October 24, 2014 – Price talk has emerged for $593 million loan package from Pabst Blue Ribbons parent firm to fund the companys buyout by a group of investors including Great American Brewing Company and TSG Consumer Partners.
October 24, 2014 – Rising interest rates could reduce an important form of credit enhancement for U.S. collateralized loan obligations, potential putting them at risk for downgrades in their credit ratings, according to Moodys Investors Service.
October 21, 2014 – Bankers and collateralized loan obligation managers are on edge to see the final rules impact on CLOs. A 2013 version of the regulation would require managers to retain 5% of the loan packages they securitize. Organizations like the Loan Syndications and Trading Association have argued the CLO market will be materially harmed by the retention rule.
October 17, 2014 – Nearly half the high-yield bond issues that hit the market in September had something in common for investors: major exposure. It's all due to a trend toward fewer covenant protections in issued spec-grade notes, reports Moody's.
October 10, 2014 – As competition to lend to smaller companies heats up, reducing returns, business development companies are turning to off-balance sheet investment vehicles to put more borrowed money to work without running afoul of regulatory limits.
October 10, 2014 – A final "net stable funding ratio" requirement comes after years of efforts to revise the ratio amid industry complaints that it will increase funding costs. Individual banks and trade groups had lauded the committee for making progress in its most recent NSFR proposal released in January, but said several concerns remain.
October 3, 2014 – The Treasury's new rules restricting the tax benefits of corporate inversions have already prompted the cancellation of one deal, and according to Moodys Investors Service several other pending M&A agreements in the medical industry could come under renewed ratings scrutiny due to the Treasurys actions.
October 3, 2014 – Middle market credit deals are going to rely more and more on finding the right structure to be successful, and firms that prove nimble at putting together a variety of structures will find success with the widest swath of clients, according to Goldman Sachs veteran Thomas Goila.
September 26, 2014 – An increasing share of corporate bond trades are taking place on electronic venues, and the Financial Industry Regulatory Authority (Finra) wants them to start disclosing more information. The push for more disclosure comes as electronic trading platforms siphon off an increasing share of trading activity.
September 26, 2014 – With the exception of highly cyclical commodities businesses or an occasional instance of fraud, secured lenders of revolvers and asset-backed loans have largely experienced full recoveries in bankruptcy proceedings over the past nine years, as detailed in a new report by Fitch Ratings.
September 26, 2014 – According to Markit, three existing loans and a notes issue that are being refinanced took a major pricing leap after the company outlined plans in a Sept. 23 registration filing to issue new term loans of up to $1.025 billion in addition to a new $350 million revolver tranche.
September 19, 2014 – Several European CLOs have garnered attention this year as the first breed of self-professed Volcker-compliant issues from Europe, designed to attract U.S. bank investments or meet the regulatory requirements of a U.S.-based parent bank.
September 19, 2014 – Credit Suisse,which is the top bookrunner for loans backing LBOs this year, has reportedly received a warning from the Federal Reserve about exceeding guidelines on the amount of debt it will finance for corporate borrowers.
September 19, 2014 – Scientific Games is stretching its balance sheet to buy rival slot machine maker Bally Technologies for $5.1 billion, betting that the cost savings will help it compete in a market hit by weaker consumer spending and competition from online gaming.
September 16, 2014 – Covenants of healthcare company junk bonds have been in declining health this year. Covenant quality for these companies is declining at a faster rate than the industry as a whole. Lower default rates are partly to blame.