Spanish engineering firms with exposure in Latin America may not be the most heavily traded segment of the credit markets, but they are certainly proving the most vulnerable. Isolux followed its counterpart Abengoa into default by announcing that it had won credit approval for a €2bn debt restructuring on July 28, and a bankruptcy credit…
Fed Survey: 10% of banks reported tightening terms The majority of banks surveyed reported little change in the last three months with only one domestic bank reporting easing terms to larger firms, according to the latest Federal Reserve Senior Loan Officer Opinion Survey. This is down from 13%… Login to Read More...
PE Buyers Are Still Not Taking Public Cos. Private Through the end of June, financial sponsors accounted for only 23% of all take-privates in North America and Europe. This isn’t necessarily a result of the overall incidence of take-privates… Login to Read More...
North America-Focused Fundraising Falls Sharply in 2016 North America has long been the epicentre of the private debt market, with the largest proportion of fund managers and investors based in the region, and by far the largest proportion of capital raised being focused on investment opportunities there. This reflects the size… Login to Read More...
The Bank of England doesn’t often follow the ECB. During the financial crisis and its aftermath, the Bank was relatively quick to cut interest rates and implement QE. The ECB was still hiking rates in July 2008, and didn’t start QE until 2015. But the eurozone’s central bank could lay claim to beating its UK…
US MM Transaction Sizes Indicate Concentration in the Core In the first half of 2016, the median size of buyouts in the US middle market declined slightly to $128.3 million, a slide of just over $11 million. Given PitchBook’s methodology of classifying the core middle market as transactions sized between $100 million and $500 million,…
Flex activity continued to favor issuers in July Market sentiment in July was more of the same in the leveraged institutional market. Although deal flow thinned out from a swell of volume in June, negotiations continued to favor issuers. Thomson Reuters LPC’s Flex Factor scored a -0.04 for July,… Login to Read More...
First-Time Private Debt Fundraising As the closed-end private debt industry grows in size and prominence, new fund managers continue to launch new vehicles in order to take advantage of increasing investor appetite and attractive investment opportunities. However, with the private debt fundraising… Login to Read More...
Back in July 2010, not long after the first Greek bailout, results of stress tests conducted by the Committee of European Banking Supervisors (the predecessor of the EBA) were released on the EU’s banks. They didn’t make for happy reading. Seven institutions failed, and they were required to raise additional capital to reach the 6%…
The PE-backed LBO market continued to remain inflated and aggressive in 2Q16. The average purchase price multiple on large corporate LBO deals was elevated at 11.3 times while middle market deals also saw lofty valuations at 9.7 times. Historically middle market LBOs exhibited average purchase price multiples closer to… Login to Read More...