Jeffrey Rosenberg
In mid-April, the head of credit strategy at Banc of America Securities talked to US Credit about his views on LBO risk and the direction of credit spreads
LBO risk has increased recently, exemplified by talk surrounding JCPenney. Is this riskier atmosphere a trend and, if so, what does it mean for credit investors?
The risk of LBO activity in the high-grade market has been increasing for some time due to the following factors: rising cashflows on corporate balance sheets; the low cost and ample availability of financing in the high-yield bank and bond markets; stagnant or undervalued share prices in an environment of increasingly
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