After a bumpy start to the second quarter, when tariff announcements inhibited issuance, US high yield bond activity rallied strongly, demonstrating the market’s resilience and maturity....more
The bond yield curve inverted in October 2022. When that occurred, it started a countdown to recession. At least it has every time since 1968. Specifically, for the last eight recessions since 1968, every single recession was...more
As odd as it may seem and as odd as it is to say, what the municipal market, medium-sized banks, and the real estate market need is a good old fashioned (but not too severe) recession. On July 26, the Federal Reserve Board...more
Bond markets have been in upheaval recently, with knock-on impacts on decisions on whether to make or defend calls on performance security on construction projects. In the first quarter of this year, we saw the continued...more
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
US leveraged loan and high yield bond markets saw significant declines in issuance in 2022, as macroeconomic and geopolitical uncertainty drove up borrowing costs, dampened risk appetite and significantly reduced M&A...more
Debt issuance for M&A and leveraged buyouts (LBOs) accelerated through the first half of 2021 reflecting the increased activity combined with dealmakers capitalizing on borrower-friendly loan and high yield bond markets to...more
In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more