Featured Articles

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.

ING's Future in U.S. Commercial Lending Tied to Energy Boom

Several years have passed since ING's high-profile sale of its U.S. online-banking business, but it quietly remained an active player in commercial lending. Now the Dutch bank, which recently added a sixth U.S. business-lending office, hopes the energy boom will propel its growth here.

Forget Oil; BAML Says Leverage is a Bigger Problem

The debt load for corporate borrowers is exceeding earnings and leverage is nearing all-time high levels, according to Michael Contopoulos, high yield credit strategist at BAML.

Are Summertime Blues in Store for CLOs?

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.

What Goldman Could Do for Online Lending, and Vice Versa

Goldman Sachs has initiated plans to enter the online consumer lending business, making unsecured personal loans of $15,000 to $20,000 to individuals and potentially small businesses.

Round Two: BDCs Make a New Pitch for More Leverage

Business development companies (BDCs) are making another push at lifting restrictions on the amount of borrowed money they can put to work.

Slow Recovery Still Ahead for Oilfield Services

While oil prices have steadied in recent weeks, it may be up to another year for oilfield services firm to reap any benefits, according to Standard & Poor’s. In a report published this week, the ratings agency said it would maintain its overall negative outlook on oilfield services despite a return to $60-per-barrel oil prices in recent weeks.

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Carl 'Pepper' Whitbeck

Head of US Fixed Income

Firm: AXA Investment Managers

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

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