December 9, 2016 - While the equity markets have gone on a blistering post-election run (SPX + 3.7% in November) and the price of oil has surged well above $50 a barrel, the fixed income markets have lost a bit of steam heading into the holiday season. As expectations of rising rates hit a fevered pitch, 10-year treasuries shed almost 5% in November while rate sensitive High Grade bonds fell almost 3%.
December 6, 2016 - December 8th marked the second anniversary of the publication of the report (the Report) by the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 (the Commission). The 400-page Report was the result of a two-year project that examined all aspects of Chapter 11 and included over 200 distinct proposals.
December 1, 2016 - The recent 3rd Circuit ruling on the enforceability of “make-whole” provisions, while surprising to some, reinforces the importance of clear and precise drafting of loan and loan documents and indentures. Indeed, even if one prevails, fuzzy drafting can cost millions of dollars.
November 21, 2016 - There has been much speculation over what Donald Trump's unexpected election will mean for the loan market, in particular from a regulatory perspective. What follows is an attempt to describe the new reality and develop some educated guesses about how it could impact the regulation of loans and CLOs.
November 21, 2016 – In observance of Thanksgiving, the Loan Syndications and Trading Association (LSTA) recommends treating Thursday, November 24, 2016 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.