Featured Articles

Coal Cos. Should Focus on Liquidity to Avoid Default

Following recent Chapter 11 filings from large coal producers Alpha Natural Resources and Walter Energy filed for bankruptcy protection, Joel Levitin, partner at law firm Partner, Cahill Gordon & Reindel LLP says companies in the sector should work to preserve liquidity to avoid the same fate.

Borrowers Baffled by Online Small-Business Loans, Fed Study Finds

The report, titled "Alternative Lending through the Eyes of 'Mom & Pop' Small-Business Owners," marks the latest development in a recent push to make it easier for business owners to decipher and compare rapidly-expanding online credit offers.

CLO Equity Losing Luster with BDCs

TICC Capital Corp. and THL Credit have announced plans to exit their holdings; both cited the diminishing valuations of their own stock, which they attributed to a growing belief among shareholders that these securities are not an appropriate investment.

Health Care M&A Rolling On

In the first half of 2015, a “torrid” pace of deal-making in healthcare has produced a 74% year-over-year surge in M&A activity. The trend has continued into the second half, as blockbuster deals like Aetna-Humana and Cigna-Anthem continue to pile up.

What Clean Power Means for Coal Companies

The final rule, which mandates a 32% reduction in carbon emissions by 2030, will lessen the reliance on coal as an energy source. While it could be litigated, it adds to selling pressure on companies already struggling with heavy debt and low prices.

Top 10 US CLO Managers Lost Market Share in 1H

Moody’s Investors Service’s rankings of the U.S. collateralized loan obligations shows that the market share of the top 10 declined slightly between January and July as other, slightly less large managers grew their market share.

Arch Coal’s Lenders Contest Distressed Exchange

The coal company said its term loan lenders are “without merit” in their efforts to block a distressed debt exchange with bond investors.

Long-Term Fallout Seen from SBA 7(a) Program's Latest Shutdown

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.

Banks Maintained Commercial Lending Momentum in 2nd Quarter

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.

SEC’s ‘No Action’ Ruling Eases CLO Managers’ Risk Retention Concerns

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.

AXA IM’s Whitbeck: HY Poised for ‘One of the Largest New Issue Years to Date’

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.

IACPM: Red Flags Abound for Wider Spreads, More Defaults

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.

SEC Mulls Risk Retention Changes for CLO Refinancing

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.

Arch Latest Coal Co. to Resort to Distressed Exchange

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.

Loan Volume Declines Cutting into Lender Fees, Market Share

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.

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