• February 14 2025
  X Corp

  Wall Street banks have sold almost all $12.5bn of debt tied to Elon Musk’s Twitter purchase

  Investor perception of debt has changed since Donald Trump’s election victory

  
• January 15 2025
  Brookfield Corporation

  Battery maker’s $5bn debt deal hands Brookfield huge dividend

  Investors shrug off fears that Donald Trump will kill cleantech company’s tax breaks

  
• December 24 2024
  Defaults on leveraged loans soar to highest rate in 4 years

  Borrowers turn to distressed exchanges in the face of punitive interest rates

  
• November 24 2024
  News in-depth

  Buyout shops use Trump rally to cut borrowing costs and fund dividends

  Debt deals by Blackstone, Elliott and Vista Equity Partners point to a sea change in the market

  
• October 22 2024
  Financial & markets regulation

  IMF warns of ‘round-tripping’ fears

  Technique to shift risk to investors may have ‘system-wide’ impact, fund warns

  
• October 14 2024
  News in-depthPrivate credit

  Corporate debts mount as credit funds let borrowers defer payments

  Use of payment-in-kind loan terms is growing as companies struggle with heavy leverage and high interest rates

  
• September 26 2024
  Private equity

  Private equity tests markets with a mammoth debt-fuelled dividend

  Company backed by investors including Clayton, Dubilier & Rice and Hellman & Friedman prepares €4.4bn dividend

  
• September 26 2024
  Private equity

  Private equity just smashed another record

  Recapping and backslapping

  
• September 20 2024
  Private credit

  The dodgy details of private equity’s ‘dividend recaps’

  The impact of leveraged payouts examined

  
• September 20 2024
  Private equity firms seek new terms to increase payouts on deals

  Lenders are pushing back on ‘high-water ebitda’ provisions and most have been excised from terms

  
• August 23 2024
  Private credit

  Vista and co-investors lose $4bn in Pluralsight restructuring

  Private credit lenders including Blue Owl and Ares take control of software group in deal that values it at about $900mn

  
• August 13 2024
  UnhedgedRobert Armstrong

  Walmart’s safety premium Premium content

  Plus the Bank of Mexico and margin debt

  
• August 10 2024
  US junk loan funds suffer biggest outflows in 4 years

  Investors withdrew $2.5bn during market plunge on fears of economic slowdown and lower coupons if interest rates fall

  
• August 2 2024
  Corporate bonds

  Creditor violence is escalating

  Hello uptiers, trapdoors, dropdowns, and double dips

  
• July 15 2024
  Private equity

  Private equity firms slash use of risky debt tactic to fund payouts

  Use of fund-level net asset value loans to pay dividends falls 90% after institutional investors raise concerns

  
• July 13 2024
  On Wall StreetWilliam Cohan

  Excesses of cheap money era are provoking ‘creditor-on-creditor violence’

  Investors pay the price for flocking to so-called cov-lite leveraged loans with reckless abandon

  
• July 3 2024
  News in-depth

  Blackstone snaps up ‘circular’ private equity credit risk

  The US buyout group has become one of the biggest buyers of a fast-growing type of risk transfer product

  
• June 27 2024
  Private equity

  Defaults on leveraged loans soar as BoE warns on private equity’s ‘challenges’

  Central bank concerned that risks in sector backing 2mn UK private-sector employees could spill over to rest of economy

  
• June 26 2024
  Companies slash borrowing costs on $400bn of US junk loans

  Borrowers benefit from equivalent of two Fed rate cuts as demand for debt booms

  
• June 17 2024
  News in-depthPrivate credit

  A buyout gone wrong creates fireworks in the private credit market

  Lenders are considering their options at Pluralsight, a distressed company owned by private equity firm Vista Equity Partners

  
• June 11 2024
  LexPrivate credit

  Life is getting tougher for private credit funds Premium content

  Direct lenders are coming under increased competitive pressure

  
• May 23 2024
  Peloton Interactive Inc

  Peloton clinches $1bn loan as it seeks to shore up finances

  Management of home exercise company is looking to buy time to execute turnaround plan

  
• April 15 2024
  PIK-ing on private credit

  An ‘inflection point’ approaches, says Barclays, and not the good kind

  
• April 9 2024
  Structured Investment Products

  Ceci n’est pas un collateral

  The treachery of ‘systemic risk’

  
• February 26 2024
  News in-depth

  Banks strike back at private credit in ‘aggressive’ push to win deals

  About $10bn of loans have been refinanced in public markets as conditions improve due to rate cuts being on the horizon