Featured Articles

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.

Investors Playing Nice with Toys ‘R’ Us

According to Markit, three existing loans and a notes issue that are being refinanced took a major pricing leap after the company outlined plans in a Sept. 23 registration filing to issue new term loans of up to $1.025 billion in addition to a new $350 million revolver tranche.

FINRA Pushes for More HY Trading Transparency

An increasing share of corporate bond trades are taking place on electronic venues, and the Financial Industry Regulatory Authority (Finra) wants them to start disclosing more information. The push for more disclosure comes as electronic trading platforms siphon off an increasing share of trading activity.

Euro CLOs Taking a Shine to Volcker

Several European CLOs have garnered attention this year as the first breed of self-professed Volcker-compliant issues from Europe, designed to attract U.S. bank investments or meet the regulatory requirements of a U.S.-based parent bank.

Fed Flexes Muscle on Leverage Limits

Credit Suisse,which is the top bookrunner for loans backing LBOs this year, has reportedly received a warning from the Federal Reserve about exceeding guidelines on the amount of debt it will finance for corporate borrowers.

Scientific Games Reshuffles Debt

Scientific Games is stretching its balance sheet to buy rival slot machine maker Bally Technologies for $5.1 billion, betting that the cost savings will help it compete in a market hit by weaker consumer spending and competition from online gaming.

Healthcare Covenants In Poor Shape

Covenants of healthcare company junk bonds have been in declining health this year. Covenant quality for these companies is declining at a faster rate than the industry as a whole. Lower default rates are partly to blame.

Bulge-Bracket Cedes Ground on Smaller Deals

Some new players are breaking into high yield bookrunning.Bulge-bracket investment banks still dominate the underwriting league tables for larger deals. But they are ceding some ground on smaller deals, particularly those in the $100 million to $250 million range.

Judge Sides with Creditors in Trust-Preferred Bankruptcy Fight

A judge has ruled that the involuntary bankruptcy of FMB Bancshares in Lakeland, Ga., may proceed, a decision that could embolden more trust-preferred creditors to pursue a similar strategy. Involuntary bankruptcy has emerged in recent months as a tactic for trust-preferred holders seeking repayment.

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