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About $10bn of loans have been refinanced in public markets as conditions improve due to rate cuts being on the horizon
The pricing of new, so-called collateralised loan obligations has hit record levels so far this year
Banks are on the offensive for a change
The “J Crew blocker” has some problems
Firms who got deals done last year have a chance to reduce equity contributions
Sponsors under pressure from investors to return cash but are finding it harder to offload companies
After an era of cheap money, it’s not just the quantum of debt in the system that could be a problem
There’s a Big Darn Category that shows loan valuations aren’t very consistent
Plus syndicated loans and the Supreme Court
Buyout firms’ stranglehold over who can buy portfolio groups’ loans under threat as many lenders retrench
HIG and Audax attack each other over $900mn deal in rare legal battle between private equity peers
Sectors remain vulnerable to ‘sharp revaluations’, says BoE’s financial stability watchdog
Plus, private credit’s new favourite financing tool
Many companies that gorged on leverage loans are now grappling with liquidity challenges
Private equity firm raises funds through collateralised loan obligation secured by its portfolio
How dangerous is higher for longer?
Rapid increases in borrowing costs prompt concerns about more defaults on $13tn of debt, but companies are finding new ways to survive
Leveraged companies that did not hedge against rising rates may be forced to tap cash reserves to cover spending
KKR’s PetVet is latest to turn to direct lenders as $3bn loans approach maturity
Concern about loans getting stuck on their balance sheets has left some lenders wary of riskier deals
Rating agency says looming ‘race to the bottom’ between banks and private debt funds could erode credit quality
Demand for Worldpay and Syneos Health bonds and loans shows ‘hunger for new supply in high-yield’
Loans secured against private equity funds being used to support struggling businesses amid surge in interest rates
Revenue should never be the basis for borrowing heavily
Fax your friends! Fax your spouses! It’s time to celebrate.
UK Edition
