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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which...more

Incremental debt holds steady in uneven loan market

With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

How private credit funds are dealing with distress

Private debt has grown quickly over the last decade. But as the macroeconomic backdrop has deteriorated, this asset class has not been immune to challenges. According to a McKinsey analysis of Preqin data, private debt...more

Second Circuit Court Affirms Ruling That Syndicated Loans Are (Still) Not Securities

The highly anticipated decision threatened to impose a new regulatory framework on syndicated lending, and disrupt the $1.4 trillion syndicated loan market in the United States. The US Court of Appeals for the Second...more

US versus Europe: On different footing for 2023

Heading into 2023, European leveraged finance markets continue to deal with fierce headwinds, following 12 months of economic and geopolitical volatility that has prompted a general slowdown in issuance. What does this mean...more

Recurring revenue reset?

After a year of red-hot moves in the tech sector, markets have cooled down in 2022, as inflation and rate hikes prompted many investors to prioritize investment in safe haven asset classes....more

A volatile situation: Europe versus the United States

Leveraged finance activity slowed on both sides of the Atlantic in the first half of the year, as a tougher macroeconomic environment and events in Ukraine affected debt issuance in both Europe and the US....more

Documentary developments in tighter times

Risks posed by rising inflation, concerns about a global recession and the lingering impact of the war in Ukraine are seeing lenders and investors start to chip away at the loose, borrower-friendly terms that have...more

Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace

Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022- The US leveraged finance market posted strong year-on-year gains in 2021 as...more

Leveraged loan markets keep on rolling

Despite a spike in energy prices and persistent inflation, year-to-date leveraged loan activity showed substantial gains on 2020 levels - Global leveraged loan activity sustained momentum built up through H1 2021 to post...more

Refinancing and jumbo deals drive global leveraged loan market

Refinancing activity supports a double-digit year-on-year uptick in leveraged loan issuance in the United States and Europe, while mega-deals dominate in the Asia-Pacific region Leveraged loan markets in the United States,...more

After the storm: The US leveraged finance story so far

By all accounts, leveraged finance markets in the United States were hot in the first quarter of 2021. This activity was driven primarily by refinancing and repricing. Borrowers jumped at the chance to take advantage of the...more

A tale of two retail loan markets

COVID-19 split the retail financing market—players of scale with online capabilities thrived, while retailers reliant on brick-and-mortar stores for the bulk of their earnings came under increasing financial pressure -...more

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