Private equity is buying startups more often Private equity isn’t known as a big buyer of VC-backed startups, but that’s beginning to change. There were 119 buyouts of VC-backed companies in 2014, a substantial increase (35%)… Subscribe to Read MoreAlready a member? Log in here...
According to Thomson Reuters LPC’s latest survey of buyside and sellside institutions active in the middle market, the impact from Leveraged Lending Guidance on banks’ ability to invest in deals is becoming significant. Less than 10 percent of non-banks and one fifth of banks surveyed in… Subscribe to Read MoreAlready a member? Log in here...
Central bank domination of financial markets entered another level this week with the commencement of full QE in Europe. National central banks, at the behest of the ECB, began their purchases of government bonds on March 9. Yields on sovereign bonds in several countries were already negative before the start of QE, and they descended even further…
Fewer take-privates, more carve-outs When the $8.7 billion take-private offer for Petsmart was announced in December, some wondered if we were headed back to a more familiar private equity scene,… Subscribe to Read MoreAlready a member? Log in here...
Leveraged Lending Guidance continues to have a significant impact on the structuring of large corporate LBO deals. The average debt to EBITDA for large corporate LBO transactions has fallen below six times for the first time in eight quarters. So far in 1Q15, the average leverage is 5.91 times, down from 6.51 times in 4Q14 and…
When it comes to how banks finance their activities, there is little doubt we are in a new era. If anyone did question that the climate has changed, then a little-known Austrian institution may have caused them to think again this week. The government of Austria announced that Heta Asset Resolution, the “bad bank”… Subscribe
High Tide for Secondary Buyouts It isn’t too surprising that secondary buyouts (SBOs) hit a record by count in 2014. Globally, 707 SBOs closed last year valued at a combined $116.9 billion. The latter… Subscribe to Read MoreAlready a member? Log in here...
As the Federal Reserve sends out stronger signals about an interest rate hike and limited deal flow pushes secondary loan market bids up, retail investors are jockeying for a slow return to the loan market…. Subscribe to Read MoreAlready a member? Log in here...
It is a truism that the CDS product garners more headlines when companies default or are close to triggering a credit event. Last week we saw a typical example, and it will surely be the case next week as well. A credit event auction was held for Caesars Entertainment… Subscribe to Read MoreAlready a member?
The PE-strategic battle continues PE firms and strategic buyers have been waging a deal war the past few years. Both sides have complained about the advantages the other side has, but most PE executives will readily admit… Subscribe to Read MoreAlready a member? Log in here...