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Are Naked CDS Too Revealing?

When the risk of a security can be split from its cash host, and the risk itself traded separately, things have changed. But what exactly has changed? This question has recently arisen with regard to credit derivatives...

Missing from the Debate: Compensation

A key factor that has scarcely been mentioned throughout the debate over financial regulatory reform has been motivation. What motivated people—traders, bankers, CEOs—to do the foolish things that...

Economy Pressures U.S. Middle-Market CLO Performance

The well-documented struggles of the U.S. economy continue to pose difficulties for borrowers underlying U.S. middle-market CLOs. Whereas early middle-market CLOs benefited from solid performance of underlying middle-market loans...

The Future of Leveraged Lending

The mood at the annual Association for Corporate Growth InterGrowth conference is usually a good barometer of the state of acquisition finance. ... The “big question” remained: When will lending return, and what it will look like when it does?

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Articles

Due Diligence Challenges in Today's Financial Market

Buyers experience unjustified optimism and receive very little benefit from a 'cookie cutter' approach to financial due diligence....

No Rest For The Wicked, And None For You Either

In times like these, the public demands to be fed contemptible targets to hate and bear the blame. The danger in the persistent pillorying of such villains is that it often leads to complacency...

A Fresh Look At Pricing In The Triple-A CLO Market

Par-based investors in the triple-A CLO market may soon have their sense of security tested. Many still apparently cling to the assumption that their bonds will ultimately be repaid at par...

Why Some M&A Deals Work Better

Getting deals right remains especially important when activity slows, funding is tight and investors need convincing that a proposed deal makes sense...

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