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Features

Survey Shows Cautious Optimism Reigns

January 30, 2009 - A survey conducted at this year's Private Placements Industry Forum shows that 'cautious optimism' is the prevailing sentiment among private market participants.

Europe Offers Opportunity, But Challenges Exist: Panel

January 23, 2009 - Market experts at this year's Private Placements Industry Forum offered a mixed view on the near-term future of European issuance. Though Europe has been a major source of private placement deal flow in recent years--making up as much as 30% of deal volume--some said a worsening economy and alternative sources of funding could combine to keep European issuers less likely to cross the pond this year.

Buysiders Start Year on Cautious Note

January 23, 2009 - Private placement investors sounded a conservative tone last week at the Private Placements Industry Forum in Boca Raton, Fla., saying they are mostly interested in NAIC-1 deals from non-cyclical industries, with a bias toward deals from the U.S. and familiar regions like the U.K. and Western Europe. Though caution was indeed the watchword among buysiders, most said they would look selectively at deals further down the credit ladder and farther from home.

NAB, BofA Tout Full Australian Pipelines

January 23, 2009 - Prospects look good from down under. Both National Australia Bank and Banc of America Securities have their plates full with upcoming deals from Australia, said representatives of those banks at last week's Private Placements Industry Forum in Boca Raton, Fla.

2009 Conference Preview: Event Takes on Heightened Meaning In Troubled Market

January 19, 2009 - The annual Private Placements Industry Forum, hosted by the Institute for International Research, is almost like the official New Year's celebration for the private placement market. This year, with private placement issuance down to a trickle and the overall markets still uncertain, the conference takes on an even greater importance, say many sources.

The 10 Biggest Private Placements of 2008

January 5, 2009 - Last year turned out to be another tumultuous one for the private placement market, starting out with a solid first half but slowing to a crawl for the entire fourth quarter. The year was not without its highlights, however, including a month of May that saw nearly $5 billion priced, as well as the following top 10 biggest private placements of 2008...

Looking Ahead ... 2009 Expected to Start Slowly as Same Concerns Linger

January 5, 2009 - The start of a new year often comes as a breath of fresh air for the private placement market, with a spate of new deals putting an end to the traditional holiday slowdown. This year, however, as the private market is coming off one of its slowest quarters in history, few expect that to happen.

October/November Recap

December 8, 2008 - The U.S. private placement market priced a mere $434 million between October and November, according to data tracked by Private Placement Letter. All six deals during the two months were at the $150 million level or below, and all were from domestic issuers.

Q&A: Ben Howe, CEO and Co-Founder of America's Growth Capital

December 1, 2008 - Ben Howe, America's Growth Capital's chief executive and co-founder, has been in the investment banking world since the mid-1980s, during which time he has taken part in and completed more than 270 transactions. Last week, Howe sat down with PPL to talk about the private financing market, AGC's business, and how it has managed to grow amid turbulent times.

Private Market Analysis: Average 10-Year NAIC-2 Spread Widens More Than 200 bps Since August '07

November 14, 2008 - The average new issue spread to U.S. Treasurys for 10-year, NAIC-2 traditional private paper has drifted out more than 200 basis points since August 2007, according to data from Private Placement Letter.

2008 Investors Survey: Top Shops Increase Investments in Challenging Year

November 7, 2008 - By all accounts, 2007 opened strongly and issuance was cruising along much as it had for the past three years in the private market. There was high deal flow and high demand. New issue spreads were ratcheting tighter and tighter, so tight that relative value versus publics was becoming a major concern, and covenants continued to be scarce and difficult to obtain.

2008 Investors Survey Preview: MetLife, Prudential Stay on Top In Challenging Year

October 31, 2008 - The results of the 2008 Investors Survey are in, and once again MetLife and Prudential Financial led the field by far. Both firms even managed to substantially increase their investments in private placements, in a year when the total amount of private placement issuance dropped off by more than 30% between the first and second halves of the year.

Utility Deals Provide Some Price Clarity, But Picture Still Not Good

October 27, 2008 - Several utility deals in the public bond market over the past two weeks provided a better idea where bonds are pricing, however the added clarity has only confirmed the fact that the overall market is still unstable and spreads are still prohibitively wide for issuers.

Barclays Reshuffles PP Team in Wake of Lehman Buyout

October 27, 2008 - London-based Barclays Capital has rearranged its private placement team in the wake of last month's buyout of Lehman Brothers. If it is normally said that 'to the victor belong the spoils,' it is not necessarily so in this situation; Barclays has dismissed one of its group co-heads and placed a Lehman staffer at the head of the group and in other key positions.

RBC Expands U.S. Infrastructure Finance Group With Addition of Former PP Agent

October 17, 2008 - RBC Capital Markets moved to bolster its focus on U.S. infrastructure finance this month with the addition of private placement veteran Peter Walraven. The hire is part of an attempt by the firm to capitalize on the growing trend of municipalities looking to privatize infrastructure and transportation projects on a long-term basis.