january 2015 THE INVESTOR NAVIGATING THE CREDIT MARKETS Loans or Bonds In 2014, high yield bonds and bank loans produced their lowest annual returns since 2011. While both asset classes had positive returns, year-end volatility, growth concerns, a commodity selloff, and outflows negatively impacted performance. Entering 2015, given relative and absolute valuation measures, the outlook for...

Authorizations for Capital Raisings and Convertible Bond Issues DAX® and German MDAX® Companies (Based on 2015 Annual Meetings) © 2016 Cleary Gottlieb Steen & Hamilton LLP. All rights reserved. Preface ® ® This booklet presents a summary overview of authorizations for capital raisings and convertible bond issuances of all DAX and German MDAX...

October 19, 2015 clearygottlieb.com GUIDE TO BANK UNDERWRITING, DEALING AND BROKERAGE ACTIVITIES This Guide is about the capital markets activities of U.S. and foreign banks and bank holding companies in the United States. It describes the U.S. regulatory regime applicable to these activities and tries to highlight recent developments respecting the conduct of securities-related and other...

Debt Capital Markets In 19 jurisdictions worldwide Contributing editors David Lopez, Adam E Fleisher and Daseul Kim 2015 © Law Business Research Ltd 2015 Debt Capital Markets 2015 Contributing editors David Lopez, Adam E Fleisher and Daseul Kim Cleary Gottlieb Steen & Hamilton LLP Publisher Gideon Roberton gideon.roberton@lbresearch.com Subscriptions Sophie...

New Accounting for Credit Impairment and Equity Securities: What You Need to Know By Matthew A. Schell, CPA, CFA Since the financial crisis, the Financial Accounting Standards Board (FASB) has been debating wholesale changes to the U.S. generally accepted accounting principles (GAAP) financial instruments model in two related projects. For the first of the financial instruments projects, the...

ICLG The International Comparative Legal Guide to: Lending & Secured Finance 2016 4th Edition A practical cross-border insight into lending and secured finance Published by Global Legal Group, with contributions from: Advokatfirma Ræder DA Ali Budiardjo, Nugroho, Reksodiputro Allen & Overy LLP Anderson Mori & Tomotsune Asia Pacific Loan Market...

Client Alert | Financial Institutions / Regulatory & Compliance Marketplace Lending Update: Recent Developments Place Pressure on Industry May 2016 Authors: Kevin Petrasic, Ben Saul, Jolina Cuaresma, Helen Lee, Josh Garcia Following a spate of heightened regulatory, enforcement and legislative scrutiny, investor concerns around industry practices, and bad press, the marketplace lending...

ICLG The International Comparative Legal Guide to: Lending & Secured Finance 2016 4th Edition A practical cross-border insight into lending and secured finance Published by Global Legal Group, with contributions from: Advokatfirma Ræder DA Ali Budiardjo, Nugroho, Reksodiputro Allen & Overy LLP Anderson Mori & Tomotsune Asia Pacific Loan Market...

NC Supreme Court Reaffirms Strict Blue Pencil Doctrine for Restrictive Covenants May 2, 2016 The North Carolina Supreme Court recently reaffirmed that the power of North Carolina courts to “blue pencil” restrictive covenants is extremely limited, even when an agreement purports to give a court express authority to revise and rewrite otherwise unenforceable provisions. North...

Total Return Bond Management: Full Market Cycle Demystified An over-emphasis on interest rates risks missing the potential spread cycle alpha opportunities that result in more consistent outperformance across investment grade strategies. Total Return Bond Management: Full Market Cycle Demystified CONTENTS 2 Bond Management 101 An over-emphasis on interest rates risks missing the...

Seix Investment Advisors Perspective | Written by James F. Keegan and Perry Troisi CAN TRUMP MAKE BONDS GREAT AGAIN? REVIEW OF THIRD QUARTER 2016 JAMES F. KEEGAN Chairman and Chief Investment Officer PERRY TROISI Senior Portfolio Manager U.S. Government/Securitized ABOUT THE BOUTIQUE SEIX INVESTMENT ADVISORS LLC Seix Investment Advisors LLC (Seix) is a fundamental, credit-driven fixed...

Seix Market Insights Leveraged Loan and High Yield Executive Summary yy yy Leveraged loan and high yield fundamentals remain strong. yy George Goudelias Head of Leveraged Finance, Senior Portfolio Manager Macroeconomic issues led investors to flee risk. High yield fund closures don’t point to systemic issues. Vincent Flanagan, CFA Portfolio Manager and Senior High Yield...