By John Reosti
More banks are turning to the SBA's Small Business Investment Company program to establish private-equity funds that deliver capital to middle-market companies.
October 8, 2015 – Loan mutual and exchange traded funds saw net withdrawals for the 11th consecutive week, according to Lipper.
October 8, 2015 – That brought volume for the first nine months of the year to $78.6 billion, according to Thomson Reuters LPC. By comparison, at this point last year, issuance was $93.9 billion.
October 8, 2015 – Global third-party supply chain services company XPO Logistics has launched a $1.75 billion term loan B proposal to fund its planned acquisition of Con-Way Inc. for $3 billion.
October 8, 2015 – The price talk is Libor plus 850 bps for the three-tranche offer, consisting of a $330 million five-year term loan B, an $80 million delayed-draw term loan B and a $75 million super-priority revolver (with a term of 4.75 years). Commitments are due Oct. 16 through Bank of America Merrill Lynch and Key Bank.
October 7, 2015 – Four months after the Supreme Court ruled, in Bank of America v. Caulkett that a debtor in Chapter 7 bankruptcy could not void a junior mortgage that was underwater, it has sided with the lender again.
October 1, 2015 – Heading into the fourth quarter, just two Canadian companies have tapped that nations high yield bond market, but some participants say it still remains a viable sister market to the U.S.
October 2, 2015 – The historical collateral default rates of CLOs have varied significantly between managers, but the explanation may not solely lie within the performance of individual deals, according to a new study published by Moodys Investors Service.
September 25, 2015 – Unlike its competitors Dollar General and Dollar Tree both of which have ambitious expansion plans within its four-state territory the 33-year-old discount retail chain seemingly has very remote chances of reducing its near-term debt load or improving earnings.
September 25, 2015 – High yield bond ETFs, known to be hard hit during periods of market volatility and uncertainty, may benefit from the SEC's proposals to ensure fund managers put protections in place to better manage massive withdrawals.
September 17, 2015 – Decrying the rise of left-liberal bias in so-called impact investing, an unabashedly right-wing business development corporation is seeking to raise $500 million to fund companies involved in fossil fuels, firearms and other sectors being increasingly shunned by proponents of socially responsible investing.
September 18, 2015 – The CLO industry would love to have more explicit guidance from regulators on rules requiring managers to keep skin in the game of these deals; Unfortunately, that guidance is not likely to come any time soon.
September 11, 2015 – Despite a steep selloff in leveraged loans, few CLO managers are rushing to sell securities in the expectation of being able to source collateral quickly. That's because bargains are concentrated in the oil and gas sectors.
Loan Syndications and High Yield Capital Markets Group
Firm: Wells Fargo Securities
In the news: Wells Fargo Makes Key Changes for Loans, HY Efforts