The Delicate Pact Between Consumers and Corporates & Victory Cuts
Chief Market Strategist David Zervos says the most recent FOMC meeting, and resulting Fed commentary, suggests that the risk of overtightening is in balance with the risk of being too accommodative.
The Demise of ESG-Focused Activism
Fewer activist hedge funds have recently used ESG themes as a wedge to extract concessions from target companies given the challenge of aligning a fund’s investment horizon with what could be a much longer timeline for ESG focused themes.
Recent Trends in Global China Business Restructuring
There is a burgeoning trend of multinational corporations (“MNC”) actively restructuring their China businesses through any number of divestitures and / or carve-outs to realign their balance sheets and maximize shareholder value.
Expect a More Active IPO Market in 2024
After two years of limited IPO activity, we are cautiously optimistic about 2024.
Performing Issuers should take advantage of the strong market window
Issuers should take advantage of strong technicals and robust investor demand to pursue a variety of opportunistic transactions including refinancings, repricings, and dividend deals.
“Hybrid” Capital as a Solution in an Elevated Interest Environment
Companies that require new capital to refinance upcoming debt maturities, fund ongoing business, and/or fund incremental growth should consider raising “hybrid” capital in the form of structured/preferred equity as an alternative to raising secured debt.
Pari Plus Transactions: Advancing Beyond Double Dips in Liability Management Transactions
Companies in need of new capital that are evaluating a Double Dip transaction should consider whether structuring the Double Dip as a “Pari Plus” financing is a viable alternative.
Global Gas & LNG — Rebalancing
he Global Gas and LNG markets will start normalizing after 2024 with loose market conditions likely starting in 2026 and persisting until the end of the decade.