Featured Articles

Lev Loans, HY Bonds Off to a Slow Start

Year to date issuance for the high yield market is at its lowest point since 2009; similarly syndicated loan volumes are also off to its slowest start in eight years. Can the LBO pipeline, flush with blockbuster deals, help turn things around for leveraged finance?

For Netflix, Red is the New Black

Netflix will double its debt load this year with a planned $1 billion issue, prompting Moody's to issue a downgrade to its credit profile. But the debt will help Netflix step up the volume of its original content output in 2015, and accelerate its international expansion goals.

Mid-Sized Managers Pick Up Bigger Slice of U.S. CLO Market

Moody's Investors Services' top rankings of U.S. CLO managers still includes many familiar names, but the usual suspects lost market share in the fourth quarter of 2014 to some medium-sized managers.

Volatility Strikes! Koppers 1st Issuer of 2015 To Pull Bond Deal

The Pittsburgh-based chemical producer crapped a $400 million bond sale due to unfavorable market conditions. It also cancelled a tender offer for its $300 million of outstanding 7.875% senior notes due 2019, which was to be funded by the new issuance.

Caesars, Lienholders File Competing Ch. 11 Plans

Caesars Entertainment Corp. filed to place its key operating unit into voluntary Chapter 11 bankruptcy Thursday, setting in motion a battle against junior bondholders who have petitioned for their own involuntary restructuring plan in a Delaware federal bankruptcy court.

Credit Managers Forecast Rising Corporate Defaults

International Association of Credit Portfolio Managers latest survey results shows that expectations for corporate defaults over the next 12 months have increased. Spreads are expected to remain in tact, however.

Caesars Entertainment Fighting on Another Front

Caesars Entertainment is already negotiating with first-lien creditors about taking a haircut in its plan to restructure the mountain of debt it took on in its 2007 buyout. Now its embroiled in a dispute with swaps holders over whether it actually defaulted when it missed December interest payment on nearly $4.5 billion in second-lien secured bonds.

Volatility Had Its Way with 2014 Loan Volume

Volatile market conditions, as well as a slowdown in retail demand, helped drive down overall issuance in the leveraged loan market to $940 billion, according to data compiled by Thomson Reuters LPC.

REIT Conversion Won’t Save Caesars, Fitch Says

Caesars disclosed last week that it discussed plans with creditors to turn one of its biggest units into a real estate investment trust. The plan's disclosure came after two key lien holders reportedly walked away from the table.

Why Consolidation Among CLO Managers May Be Overhyped

Oliver Wriedt, of CIFC Asset Management thinks the potential for consolidation among CLO managers may be overstated, despite the impact of risk rentention. Low managment fees and high financing costs make acquisitions less attractive than they have been in the past.

Credit Managers Expecting Rise in Defaults

Global credit managers are concerned about credit defaults rising over the next 12 months, especially outside of the United States, according to a quarterly survey from the International Association of Portfolio Managers.

What Basel's Other Liquidity Ratio Means for Banks

A final "net stable funding ratio" requirement comes after years of efforts to revise the ratio amid industry complaints that it will increase funding costs. Individual banks and trade groups had lauded the committee for making progress in its most recent NSFR proposal released in January, but said several concerns remain.

Healthcare M&A at Risk from Inversion Rules

The Treasury's new rules restricting the tax benefits of corporate inversions have already prompted the cancellation of one deal, and according to Moody’s Investors Service several other pending M&A agreements in the medical industry could come under renewed ratings scrutiny due to the Treasury’s actions.

CLO Market Sets Sights on $125B (Or More)

A survey of investors and lenders showed that 36% expect issuance to reach $125 billion this year while 14% expect it to beat $125 billion, according to a Thomson Reuters LPC report. The report also noted that leveraged loan and high yield bond issuance has reached $976 billion through the first nine months of the year, which is down 13% from this time a year ago.

Fitch Raves on Revolver Recoveries

With the exception of “highly cyclical” commodities businesses or an occasional instance of fraud, secured lenders of revolvers and asset-backed loans have largely experienced full recoveries in bankruptcy proceedings over the past nine years, as detailed in a new report by Fitch Ratings.

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