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Why do real estate loan sellers perform due diligence?
Sale of real estate loans is difficult largely due to their lack of homogeneity and the due diligence process, which can be very inefficient, time-consuming and expensive for the p...
Why are the recovery rates of bank loans higher than bonds?
Lenders have a comparative advantage over bondholders in recovering their claims. There are factors that tend to result in higher expected recoveries of loans over bonds, includin...
Who comprises a loan syndicate?
A loan syndicate is comprised of one or more arrangers, bookrunners, underwriters and participant lenders. A syndicate’s composition depends on the syndication strategy, which is...
Who are the obligors in acquisition finance?
The syndication process is initiated by a sponsor. The sponsor is the “Investors” that contribute “equity” in the form of equity capital (common or preferred) and/or shareholder l...
Who are the key parties to a securitization?
The securitization process involves numerous parties in specialized roles for the creation and issuance of asset-backed securities. Besides the ABS buyers – investors, for securit...
The actual syndication process is initiated when bookrunners send invitation letters to prospective syndication participants. Sub-underwriting is launched by bookrunners sending i...
When is acquisition transaction closing?
Not all facility obligors will be party to the agreement on the closing date. Until the closing date, usually the only obligors are the parent and the acquiring company. The targ...
When is a market flex exercisable?
The market flex is typically exercisable from the date of the signing of the mandate letter to the facility signing and syndication closing, on which date all the lenders subject t...
When is a leased asset impaired? How is lease impairment recognized?
An impairment is a permanent reduction in the carrying value of an asset below its fair value (US GAAP) or recoverable amount (IFRS), which occurs when it is deemed improbable that...
When is a distressed firm restructured?
A restructuring operates primarily on the liabilities side of the debtor’s balance sheet by postponing liabilities and using the time gained to readjust the claims against the firm...
