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November 24, 2008 - Under current market conditions, hedge funds are likely to be more conservative and have less access to debt. But should you, as a financial officer, be concerned about activist hedge funds? The answer is “yes.'
November 24, 2008 - It's a cliche that traders love: buy low, sell high. For a two-year stretch starting in mid-2005, however, many private equity pros argued that great returns could be had through buying high so long as leverage was applied liberally. In hindsight, a good portion of those investors might now be inclined to take a more simplistic approach.
November 24, 2008 - It's been said that the highest result of education is tolerance. Grand Canyon Education holders should keep that in mind on the heels of the company's bold IPO last Thursday.
November 17, 2008 - It's time for some new blood on the Street, so we're pleased to offer this year's version of IDD's '40 Under 40'--our take on some of the best and brightest on Wall Street who are making their mark relatively early in their careers. As always, we'll point out that this list is in no way intended to be all-inclusive; such a list would be impossible to compile because, despite the impression often given by Washington and the mainstream media, there's a huge swath of talent that calls the capital markets home, and the vast majority are doing good work.
November 17, 2008 - John Bogle founded the Vanguard Mutual Fund Group in 1974. He served as its chairman and chief executive until 1996 and remained on as senior chairman until 2000. Recently, he wrote 'Enough: True Measures of Money, Business and Life,' which was published by John Wylie & Sons. Last week, Bogle sat down for an interview with IDD.
November 17, 2008 - For professionals in the equity capital markets, all eyes this week will be on Grand Canyon Education. If all goes smoothly, Grand Canyon, set to begin trading on Nasdaq on Nov. 20, will be the first company to successfully price an initial public offering in four months.
November 17, 2008 - These days, corporate treasurers have little to cheer about, but for some of them--especially those with non-cyclical, investment grade companies--selling debt may have gotten a little less expensive. Just how long that slight reprieve in borrowing costs may last is uncertain, however.
November 10, 2008 - Yield premiums for debt issued by investment-grade firms hit historic wides, yet another sign that investors are worried about how corporations will weather the economic downturn and tight credit conditions.
November 10, 2008 - While neither the initial public offering market nor secondary buyout transactions offer viable exit opportunities at the moment, some buyout firms are aiming to realize liquidity through an investment vehicle that came back into vogue over the last two years: special purpose acquisition companies, or SPACs.
November 10, 2008 - At a time when the credit crunch and economic downturn have derailed more than one leveraged acquisition, a New York court is set to determine whether Credit Suisse and Deutsche Bank should proceed with financing Hexion Specialty Chemical's $10.6 billion buyout of Huntsman. The implications for the leveraged buyout business could be far-reaching, say investment bankers and private equity executives alike.
November 10, 2008 - American Greetings Corp.'s disclosure in October that it had bought $44 million in the first-lien debt of privately-held Recycled Paper Greetings came as a surprise: typically, listed companies aren't in the business of making loan-to-own plays.
November 3, 2008 - BNP Paribas revealed the creation of a new hedge fund client services team to be spearheaded by prime broker veteran John Polivko, who joined the firm six months ago from Merrill Lynch. The group is designed to create greater efficiency by leveraging BNP's trading platform with its hedge fund advisory platform.
November 3, 2008 - It doesn't matter whether private equity firms oversee a sector-sprawling mega-fund or operate in a specific niche that may or may not be directly affected by the credit dislocation. All sponsors are starting to feel the pinch.
November 3, 2008 - Activity in the US initial public offering market is about as slow as the drip of molasses in January, but the IPO mart is drawing new registrations despite a paltry third quarter.
November 3, 2008 - All investment banks, no matter what their niches, are feeling the negative impact of the credit crisis. But amid all the upheaval, there are pockets of opportunity. In the case of middle-market firm Robert W. Baird & Co., the difficulties felt by bulge-bracket competitors have led to a recruitment goldmine. As Paul Purcell, Baird's chairman, president and chief executive, frequently tells his teammates, their shop 'is playing offense while everyone else is playing defense.'
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