By John Reosti
Small-business lenders and experts are beginning to debate whether the weeklong shutdown will underscore the program's bipartisan support or give its critics more ammunition to argue that it is too vulnerable to politics.
July 31, 2015 – The offering was upsized from $800 million. Bookrunners on the deal were JPMorgan, Barclays, Citigroup, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch and Deutsche Bank.
July 31, 2015 – Moody's Investors Service has downgraded the company's senior secured bank credit facilities to Ba2 from Ba1, citing a reduction in the size of the unsecured debt offering.
July 31, 2015 – KIK Custom Products, a consumer products company controlled by private equity firm CI Capital Partners, is seeking a $850 million term loan.
July 31, 2015 – The $700 million eight-year senior notes, which had price talk in the 7.5% area, have been pulled from the market, according to KDP Investment Advisors.
July 29, 2015 – The coal company said its term loan lenders are without merit in their efforts to block a distressed debt exchange with bond investors.
July 20, 2015 – The Securities & Exchange Commission published a no-action letter last week clarifying that CLOs originally issued before December 2014 can be refinanced and remain exempt from risk retention rules.
July 23, 2015 – Quarterly results are still coming in, but commercial lending has exceeded expectations at several large banks just as it has in so many quarters since the financial crisis.
July 17, 2015 – Besides the Greek bailout drama this month, the stock market plunge in China and the likelihood of interest-rate increases in the U.S. have escalated concerns among credit portfolio managers on widening spreads and increasing numbers of defaults.
July 17, 2015 – Despite the high yield market's concerns over the Iranian nuclear power deal, volatility in oil and gas prices, and contagion from Greece and China, Carl Pepper Whitbeck, head of U.S. fixed-income for AXA Investment Managers, says the year will end on a high note.
July 9, 2015 – CLO managers are receiving a small concession from regulators that will allow them to refinance most of their issues in two years without triggering risk-retention rules, sources say.
July 6, 2015 – In 2011, the company's merger with International Coal Group had it poised to be the second largest metallurgical coal producer in the U.S. Four years later, market prices have Arch's debt trading at distressed levels.
July 1, 2015 – U.S. leveraged loan syndication in the first half of 2015 is down 29.1% from the same period a year ago, according to Thomson Reuters, resulting in overall declines in deal volume and fees for all the top 25 banks ranked in the semi-annual bookrunner tables.
July 1, 2015 – Several years have passed since ING's sale of its U.S. online-banking business, but it quietly remained an active player in commercial lending. Now the Dutch bank hopes the energy boom will propel its growth here.
June 23, 2015 – With history as a guide as well as signs of slower issuance the remainder of the year the CLO market may be in store for a somewhat bearish summer in terms of spreads.
Head of US Fixed Income
Firm: AXA Investment Managers