NEW YORK, November 5, 2015 – These days it’s popular sport at loan conferences to kick the mezzanine asset class. After the credit crisis, when some investors in subordinated debt took a licking, the common question heard among market players was: “Is mezz dead?” Today the refrain is: “Is mezz still dead?” And yet, in conversations with practitioners, it seems mezz is alive and well.
NEW YORK, October 8, 2015 – When your correspondent began distributing middle market loans (in the waning days of the Reagan administration), the concept was considered novel. Back then money-centre banks underwrote and syndicated mainly large corporate loans to other relationship banks. Smaller deals were mostly self-arranged, club affairs among regional banks and finance companies.
NEW YORK, September, 2015 – The US private debt market, always the most mature, is proving particularly creative too. PDI sits down with seven debt managers to discuss the market.
SYDNEY, AUSTRALIA, September 1, 2015 – Institutional investors should consider US private debt as an alternative investment strategy to obtain higher returns, says Churchill Asset Management.
SYDNEY, AUSTRALIA, August 31, 2015 – Churchill Asset Management, the reincarnated debt fund backed by US insurance giant TIAA-CREF, is looking to deploy more debt capital to America’s small to medium-sized businesses with enterprise values ranging from between $US50 million ($70 million) and $US500 million.
SYDNEY, AUSTRALIA, August 30, 2015 – Lending to medium-to-large corporates has taken on a different hue in recent years. Pension funds, generally through their fund managers, are now the most important group of lenders ahead of the major banks, especially in the US. The restructuring of GE Capital and its parent in April this year confirmed the permanence of the trend.
NEW YORK, August 6, 2015 – It’s a perennial source of angst for loan buyers that target private equity-backed companies: how do you analyse transactions that finance a distribution to the sponsor by taking invested cash out of the company?
NEW YORK, July 27, 2015 – Churchill Asset Management LLC (“Churchill”), a majority-owned subsidiary of TIAA-CREF focused on originating, underwriting and managing senior loan investments, today appointed Christopher Cox as a Senior Managing Director and Chief Risk Officer. The appointment is effective immediately.
NEW YORK, July 9, 2015 – The untimely passing last month of Jimmy Lee, JP Morgan Chase’s vice-chairman, at the age of 62, left many in the banking world reflecting on the legacy of a man who changed the face of buy-out finance. But it gave us the opportunity as well to consider the state of the industry he leaves behind.