Featured Articles

Loan Repricings Make a Comeback

Tightening spreads combined with above-par secondary trading prices on a majority of spec-grade loans have spurred a rebound in recently dormant repricing activity. Year-to-date, more than 35 issuers have returned to lenders seeking new terms on more than $40 billion in loans -- including some obtained as recently as February.

Meatpacker JBS USA Makes a Comeback

Just six months after pulling a deal amid broader contagion in Brazil, the company managed to upsize a high yield bond offering to $900 million from $600 million originally.

Weather Channel Feeling Heat on Debt Load

The parent company of The Weather Channel, saddled with long-term high debt levels and declining revenue, wants to extend loan terms and pay down some of its high debt burden. Relief may come at a steep cost, with the company reportedly agreeing to a 150 bps rate increase in proposed terms

Fitch: CLO Risk Retention Plans Aren’t ‘One Size Fits All’

US CLO managers are pretty evenly split on how to comply with an impending requirement to keep “skin in the game” of their deals.

Monroe Capital Prices its 1st Broadly Syndicated CLO

Like the middle market lender's previous deal, Monroe BSL CLO 2015-1 complies with European risk retention requirements.

No Signs of Improvement for HY Covenant Quality

Investor protection on high yield bonds has been worsening for some time, and the situation is unlikely to improve without a “major economic shift,” according to Moody’s Investors Service.

CLO Market's Wild Ride May Be Near an End

The CLO market has been surprisingly robust thus far in 2015 – but as many industry participants observed at an industry conference in New York this week, it’s likely that managers and issuers will have to tap the brakes before the year is out.

Why Credit Suisse is Playing it Safe on Risk Retention with CLOs

Rather than wait and see whether deals otherwise grandfathered can be refinanced after December 2016 without triggering compliance, it is issuing new deals with shorter non-callable periods.

Investors Want CLO Managers to Get Moving on Risk Retention

The concern: those who aren't issuing new deals after December 2016 risk losing their edge as managers.

Diverging Paths for Europe, U.S. Credit Outlook

The European Central Bank’s quantitative easing has brought about a “sharp reversal” in the outlook for corporate credit performance across the Atlantic – while credit managers are concerned that more defaults and wider spreads may be imminent in the U.S. and Canada.

How to Regulate Asset Managers? There's No Easy Answer

If the Financial Stability Oversight Council was hoping for any kind of consensus on whether and how it should regulate asset management companies, the feedback it has received on its request for comment is likely disappointing.

HY Market Pushes Back Against Energy Concerns

The high yield corporate bond market shrugged off concerns about the earning of energy companies and rising interest rates in the first quarter, as issuance picked up from the fourth quarter of 2014.

How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

High Court Takes a Second Look At Second Liens

A case that has made its way to the U.S. Supreme Court has justices reconsidering whether second lien debt should be stripped when the collateral is underwater.

Heinz-Kraft Likely To Be Investment Grade

Moody's and S&P expect to assign investment-grade ratings to a proposed merger between Kraft and H.J. Heinz, despite an excess of more than $33 billion in legacy and new debt.

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David Heilbrunn

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Firm: Fifth Street Asset Management

In the news: Fifth Street Hires CLO Pro David Heilbrunn

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