This entry updates our entry of April 9, 2013 and this corresponding Osler Update by Andrew Herr regarding the Final Guidance on Leveraged Lending. On April 11, 2013, the Loan Syndications and Trading Association (LSTA) and the American Bankers Association (ABA) issued a joint letter to Office of the Controller of the Currency, the Board of Governors… Continue Reading
Category Archives: Debt Markets
Subscribe to Debt Markets RSS FeedU.S. Regulators Issue Final Guidance on Leveraged Lending
Posted in Debt Markets, RegulationAndrew Herr has published an Osler Update titled “U.S. Regulators Issue Final Guidance on Leveraged Lending.” You can read the full update here on Osler.com. On March 22, 2013, U.S. regulators, consisting of the Office of the Controller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit… Continue Reading
2012 Corporate Finance Review – Low Interest Rate Environment Provides Opportunities in the Debt Markets
Posted in Debt Markets, High Yield DebtOsler has published its 2012 Capital Markets Review which includes a look back at the year in Canadian corporate finance by Desmond Lee and Michael Innes. Desmond and Michael made the following observations regarding Canadian debt markets in 2012: 2012 in the Canadian debt markets is perhaps best described as a year of opportunity for many issuers of… Continue Reading
Term Loan and High Yield Bond Convergence
Posted in Debt Markets, High Yield DebtWe have recently seen a trend of the term B loan market converging with the high yield bond market. This trend can be explained, in large part, by institutional investors, who invest in high yield debt, also increasingly dominating the term B loan market. One recent debt financing on which we acted began as a… Continue Reading
High Yield Debt – A New Form of Capital in Canada
Posted in Debt Markets, High Yield DebtMichael Innes and James Lurie have published the article "High Yield Debt – A New Form of Capital in Canada" in Osler’s recent Capital Markets Review. Here is an excerpt (you can read the full article here): Prior to 2010, the United States market was virtually the only alternative for Canadian high yield debt issuers,… Continue Reading
ABL Capital Market
Posted in Asset-Based Lending, Debt MarketsI attended a round-table discussion last week in New York that focused on the US asset-based lending (ABL) market. Observations made during the discussion included: • the volume of 2010 financings are ¼ of the volume in 2007 • 90% of those financings are amend and extend transactions with some cash flow financings converting to… Continue Reading
78% of M&A Advisors Surveyed Expect Deal Activity to Increase for Remainder of 2010
Posted in Debt MarketsOn April 14, 2010, the New York Times DealBook reported on a survey of 48 top merger and acquisition advisors (including bankers, lawyers and others) published by Brunswick Group LLC. In that survey, 78% of respondents believed that M&A activity would increase for the rest of 2010, given the level of activity in Q1. 22%… Continue Reading
U.S. Credit Markets Update – 2009 to Present
Posted in Debt MarketsFor much of the first quarter of 2009, U.S. credit markets continued to stumble through the aftermath of Lehman Brothers’ bankruptcy, with many segments of the markets effectively still frozen. Fast forward about a year, and quite a different picture of 2009 emerges – at least in U.S. bond markets. 2009 new issuance activity turned… Continue Reading
A Look at ABL Markets in Canada for 2010
Posted in Asset-Based Lending, Debt MarketsThis outlook for the market for asset-based loans in Canada was drafted by Scott Horner in January, 2010. Canada has experienced some economic turbulence as a result of the recent global economic crisis. However, Canadian banks have not suffered the losses experienced by many of their competitors in the US and European markets and their… Continue Reading