Leveraged Loans

News & Analysis as of

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

The leveraged debt boom post-Brexit - Covenant lite deals becoming the new normal in Europe

HEADLINES: ? Cov-lite deals becoming the new normal in Europe ? Payment-in kind notes' return signifies the return of a hot market and low margins ? US company high yield bond and leveraged loan issuance in Europe...more

European leveraged debt - 2016 in review: Refinancing rules debt as issuers look to take advantage of circumstances

HEADLINES: ? Issuance improves in Europe after Q1 slump ? US issuance also sees post-Brexit bounce, but still down year-on-year ? Refinancing rules debt as issuers look to take advantage of circumstances ? Slow...more

Global Private Equity Newsletter - Winter 2017 Edition: Use by Private Equity Funds of Subscription Credit Facilities as a Form of...

Subscription credit facilities, or subscription lines, are typically revolving credit facilities secured on the capital commitments of investors. Interest rates on subscription lines are often similar to those for first lien...more

Commercial Division Trial to Address Collateral Call and Dispute Resolution Provisions of ISDA Agreements

In a case with potentially broad implications for participants in the leveraged loan and derivatives markets, Justice Eileen Bransten will conduct a bench trial starting next week in the long-running dispute between a...more

Incremental Facilities – The LMA Approach

Incremental Facilities - Once the preserve of large cap deals and top tier sponsors, incremental facilities (which can otherwise be known as accordion or additional facilities) have become a permanent feature of the...more

Draft ECB Guidance on Leveraged Transactions

Regulatory update: Draft ECB Guidance on Leveraged Transactions – US Comparison - The European Central Bank ("ECB") is consulting on guidance relating to leveraged transactions ("Proposed Guidance"). The ECB regards the...more

U.S.-Style Leveraged Lending Guidance Comes to Europe

On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to...more

ECB Publishes Draft US-Style Guidance On Leveraged Transactions

On 23 November 2016, the European Central Bank (“ECB”) published for consultation draft guidelines on leveraged transactions (“Draft Guidance”), similar to the US Guidance on Leveraged Lending issued by the US federal bank...more

The European Central Bank Publishes Draft Guidance on Leveraged Transactions

ECB Consultation Paper - On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions,...more

Your daily dose of financial news - The Brief – 7.8.16

June’s job report  is out today.  The Journal gave us a jump start with 5 Things to Watch [and some thoughts on why May’s rough numbers may not be an outlier]  – WSJ And how the Brexit has made the report way more important –...more

Your daily dose of financial news - The Brief – 6.21.16

We reported last week on the additional $2 billion that Uber took in through the leveraged loan market. Andrew Ross Sorkin gives us an interesting reason for why Uber’s still got its hat in hand ($15 billion cash in hand and...more

Ban on 'big four' auditors clauses comes into effect

As of 17 June 2016, any term in a contract which has the effect of restricting any audited person's choice of statutory auditor to certain categories or lists of statutory auditors will have no effect. This change, as...more

Your daily dose of financial news - The Brief – 6.15.16

A nasty May jobs report and fears about China’s markets have probably done in any plans the Fed had to raise rates in June [though maybe it shouldn’t wait much longer]. Here are the 5 things we should be watching when the...more

Federal Reserve Bank of New York Report Assesses Impact of Supervisory Guidance on Leveraged Lending

The Federal Reserve Bank of New York published a post on its Liberty Street Economics blog assessing the impact of interagency guidance intended to curtail leveraged lending issued by the Office of the Comptroller of the...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Leveraged finance: arrangers focus on flex as market volatility shows no sign of abating

With the primary leveraged loan markets plagued by volatility in the US and China, trouble in the oil and gas sector, and uncertainty caused by a potential Brexit, arrangers' focus has been firmly on the market flex...more

Yankee Loans – "Lost in Translation" – a Look Back at Market Trends in 2015

This chapter takes a look at market trends for Yankee Loan issuance in 2015. "Yankee Loans" are US dollar denominated term loans that are syndicated in the US Term Loan B market to institutional investors and provided to...more

The Liquidity Crunch Spurs Creative PE Deal Financing in the US

Since the 2008 financial crisis, the US Federal Reserve and other central banks in Europe have pumped trillions of dollars into the financial markets. Notwithstanding the amounts injected, a liquidity crunch in 2016 is...more

Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third...

In its recent judgment in PK Airfinance Sarl v Alpstream AG, the Court of Appeal has reaffirmed the existing rule that a security holder upon a distressed sale of security assets does not owe a duty under English law to...more

Leveraged debt: The year in review

If 2014 got pulses racing in the high yield debt and leveraged loan markets, 2015 came as something of a reality check. In the first nine months of 2014, combined issuance in these two debt instruments had already surpassed...more

Innovation and collaboration are driving leveraged debt markets

European high yield and leveraged loan markets have a distinctly different feel from 12 months ago. Volumes and values notably dropped over 2015, leaving issuers and lenders wondering what to expect in 2016 and beyond....more

Eyes on Europe: Cov-lite and Term Loan B rise

The growth of European markets was noticed by US issuers, who have looked across the Atlantic to borrow as pricing widened in the US and appetite increased in Europe. In the second quarter of 2015, US issuers were the...more

Innovation is the key to success in 2016

Diverging economic conditions on either side of the Atlantic—as well as geopolitical issues such as global stock market volatility and plummeting oil prices—mean issuers, lenders and their advisers are entering unknown...more

A reset for debt in 2015?

At the beginning of 2015, it was believed that the high yield bond and leveraged loan markets would continue at the levels seen in 2014. Issuance had peaked and terms were loosening. Indeed, the first quarter started...more

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