first_img“High yield’s emergence as a competitor to bank finance as a primary source of capital, the growth of alternative capital providers and new structures for the legacy loan market all contribute to increasing choice for borrowers,” the report said.European leveraged loan allocations reached €116bn in 2014, an increase from around €80bn, and high-yield from from around €83bn to €97bn as US issuance also grew, albeit at a slower pace.The report described recent changes in the European leveraged debt market as a “huge upheaval”, with new legal precedents in covenants and incurrence-based covenants.White & Case said the European market would continue its growth, as 2014’s low-yield environment continued with companies refinancing bonds in call periods at much lower coupons.David Becker, a partner, said: “It is coming of age now as its investor pool has become increasingly sophisticated, providing funding across the loan and bond spectrum.”More M&A activity across the world also helped fuel the leveraged loans market while high-yield issuance in the second quarter of 2014 was 90% higher than a year earlier, with a 116 deals from a year total of 269.In the first half of the year, values and volumes were higher in most Western European countries, the report said, with the UK & Ireland leading high-yield issuance and France leveraged loans.The second quarter was the busiest period in both asset classes as investors clamoured into high-yielding fixed income.However, the retreat of banks, often cited as a growth factor in the markets, also began to cause concern among investors as Q3 began.European pension funds were among those moving into sub-investment grade corporate debt as investment managers became concerned over liquidity in the market and pricing bubbles forming in the first half of the year.At the start of Q3, Mike Karpik, chief executive at State Street Global Advisers, described the high-yield market of showing “pockets of euphoria” with liquidity in the market a major concern.UBS Global Asset Management also began to change the structure of its tacitical asset allocation strategy with liquidity a key concern.These concerns were demonstrated in market volumes with Q2 saw peak issuance for both high-yield and leveraged loans in Europe, a factor not seen in the US, or in previous years within the continent.Issuance fell for the remainder of the year but still supported the record-level market.For more on the high-yield bonds, read IPE’s previous coverage of the market Issuance of high-yield and leveraged loans reached record levels in 2014, backed by change in the way deals are structured for investors.A report, ‘The changing face of international leveraged debt’, by law firm White & Case said these record levels came as market makers experienced strong demand, aided by a convergence in deal structure between the US and Europe.The law firm said European corporates had adopted “US-style” terms, making deals less restrictive and more borrower-friendly.“European corporates and sponsors now have a broader range of financial products available to them than ever before.last_img read more

first_img Published on January 6, 2017 at 7:45 pm The one Atlantic Coast Conference team Syracuse can’t seem to beat, Pittsburgh, meets SU on the Carrier Dome floor Saturday at noon for each team’s third conference bout of the season. The Orange (9-6, 1-1 Atlantic Coast) on Wednesday night picked up its first ACC win of the year, a 70-55 victory against Miami. The Panthers (12-3, 1-1) also played Wednesday, when they upset No. 11 Virginia 88-76 in overtime at home. Four days earlier, Pitt nearly beat then-No. 24 Notre Dame, falling 78-77.Though Syracuse came away with a double-digit victory against Miami on Wednesday, our beat writers pick SU to fall to Pitt for what would be the sixth straight time. They explain their selections below.Connor Grossman (8-7)Pittsburgh 79, Syracuse 68RelapseThe defensive honeymoon Syracuse enjoyed against Miami will be short lived. Pittsburgh boasts the two most potent scorers in the ACC, including Jamel Artis, who leads the ACC with a 45.8 shooting percentage behind the arc this season. SU skirted past the Hurricanes despite allowing 11 3-pointers, but the Orange won’t be as fortunate on Saturday. Pitt’s multi-faceted offense tilts the game in favor of the Carrier Dome visitors.Matt Schneidman (9-6)Pittsburgh 70, Syracuse 64Artis-tryAdvertisementThis is placeholder textArtis is one of those guys who seems like he’ll never leave college, just to stay around and haunt Jim Boeheim’s dreams. The Pitt forward is the perfect fit to stand at the foul line and orchestrate a dissection of the zone, a la Nigel Hayes of Wisconsin. The Panthers just plastered almost 90 points – granted, in overtime – on a Virginia team allowing around 49 per game. It’ll be a lot tougher for Syracuse’s defense to hold another ACC opponent to under 60 points, especially being Pitt, and don’t expect it to happen Saturday.Paul Schwedelson (10-5)Pittsburgh 72, Syracuse 61Just a band-aidThe Orange’s 70-55 win over Miami was an effective band-aid. But for a team with problems that were still exposed (See: 11 3-pointers allowed) on Wednesday, a band-aid is all it was. In its last game, Pittsburgh scored 88 points against No. 11 Virginia, which boasts the third best adjusted defensive efficiency in the country, per The Panthers also have Artis and Michael Young, the top two scorers in the conference. SU’s win against the Hurricanes was nice, but its defensive problems didn’t just disappear. Comments Facebook Twitter Google+last_img read more

first_imgYesterday in Sarajevo was held the race Deksalgin 5k Spring Run, through which was collected more than 10,000 BAM for children with autism.Sports Project “Deksalgin 5k Spring Run” was organized as the promotion of a healthy and active life, and as for other projects that are organized by NGO Marathon, the socially-responsible part of the project is very significant this year: thanks to a joint initiative of the NGO Marathon and organization EDUS, a major humanitarian platform was created within which was collected more than 10,000 BAM that will be given to the Association EDUS for help and support of people with autism.The money was collected by selling kilometers through the participation of the so-called “blue runners.” These are recreational runners who dedicated their race for persons with autism. They sold their kilometers and raised funds for the association EDUS, which is engaged in helping children who struggle with the spectrum of autism, in order for them to be more included in society.“More than 400 runners participated in the race. The winner is Osman Junuzovic from Doboj, the club ‘Doboj East’, and his time was 15 minutes and 15 seconds for 5 kilometers. In the women’s competition, the first place went to Kenyan with BH passport, Lucia Kimani.When it comes to the women’s competition, the second and third place went to Adela Comor and Alma Hrnic from athletic club ‘Novi Grad’, and in the men competition, the second place went to Belmin Mrkanovic from AC ‘Doboj East’, and the third place went to Uros Gutic from the athletic club ‘Bosna’,” said Erol Mujanovic, director of the association “Marathon”.(Source: I. P./ read more