Representing the Asset-Based Financial Services & Factoring Industries Worldwide March 10
Volume 66, Issue 2
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What Can We Expect? The U.S. Finance and
Capital Markets in 2010 and Beyond
Now that we have all lived through the Great Global Recession and are still
around to talk about it, where do we go from here? What should we expect
from the U.S. financing and capital markets in 2010 and beyond? Where
will liquidity come from, and who will provide jobs in this new economic
paradigm? What will the government do with interest rates, given the
massive support it has provided to the banking system, and where will
new investor capital come from and where will it go? How will all of this
affect us? By Theodore L. Koenig
Ten Assumptions that Secured Lenders
Should NOT Make in 2010
The economic crisis that grips our country has brought with it a variety of court
decisions and practices that have caused secured lenders to reexamine certain
assumptions that characterized the pre-crisis credit markets. Some of these
assumptions relate to the relationship between lenders and borrowers, while
others relate to the relationships among co-lenders in a syndicated credit.
By Jonathan N. Helfat, Richard M. Kohn and Jill A.G. Zellmer
Refinancings Dominate 2009 ABL Issuance:
Demand for New Assets Outstrips Supply
The asset-based loan market not only remained open in 2009, it was one
of the only sources of liquidity available to capital-constrained issuers.
Nothing in the capital markets made lending predictable in 2009. Lender
consolidations, as well as the exit of certain lenders, raised questions and
concerns around market depth. Looming refinancing cliffs and refinancing
needs begged the question: Where can issuers tap liquidity as the broader
capital markets regained their footing? In this context, a strong rally in the
high-yield bond market and a resilient asset-based loan market, provided
opportunities. By Maria Dikeos
Is Section 363 All You Need To Know About
Bankruptcy?
In today’s economic environment, quick sales of businesses under Section 363
of the Bankruptcy Code in Chapter 11 have become commonplace. Lenders
need to understand the 363 sale process to know what questions to ask and
what to look out for as it affects their ability to get repaid.
By David W. Morse and Jonathan N. Helfat
THE TSL INTERVIEW
Samuel Philbrick: Expanding in the Capital
Markets
Samuel Philbrick, president of U.S. Bank Asset Based Finance, discusses
the company’s latest endeavors and the prospects for the syndicated loan
market. By Michele Ocejo
