Feature Articles

Creditflux – Hold Your Nose and Buy the Recap – Sometimes

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?

Creditflux – Credit Due – After Jimmy, Banking is Different

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.

Creditflux – Credit Due – Who Wants to Make Revolvers?

NEW YORK, June 11, 2015 – It’s been called the most mispriced security on Wall Street. It’s also the least-known casualty of bank regulatory reform. Welcome to the revolving credit facility.TIAA- CREF).

Creditflux – Credit Due – Cash Flow or Cash Faux?

NEW YORK, May 7, 2015 – Leveraged lending guidelines have set six times total leverage as the limit above which a loan would likely be criticised by examiners. Less noted by the media, but of growing interest to market players, are the components of leverage metrics: specifically, how the numerator (debt) and the denominator (earnings) are being massaged to put the best face on increasingly leveraged transactions.