Börsennotizbuch

The New York Times veröffentlicht einen Artikel über die verschärfte Kreditierungssituation für Private Equity Firmen: Debt Market Is Squeezing Private Equity:

If conditions do not improve, private equity firms and their bankers may face an even uglier situation. Some $235 billion in loans are waiting to be sold, nearly all for leveraged buyouts, according to Standard & Poor’s Leveraged Commentary and Data.

Nearly all major debt offerings that were expected to take place next month have been pushed back. First Data, a credit card processor whose $22 billion sale of loans and bonds is widely seen as a bellwether for the high-yield credit markets, has pushed back its offering until after Labor Day. Bankers for other major buyouts, like TXU’s, may hold off their debt sales even longer.

In short order, one of the friendliest environments that private equity firms have seen in years has quickly grown hostile. Once they could command extraordinarily lenient terms from investors, making the debt used to fuel leveraged buyouts quite cheap. So-called covenant-lite loans, which have few restrictions on repayment, blossomed, as did pay-in-kind toggles, bonds that could be repaid by issuing more debt.

Now, analysts say, investors have shunned that easy debt, forcing buyout firms to pay more to get their deals done.

Die Liquiditätsfrage ist an der Börse sehr wichtig – sollte es hier eng werden, wird uns auch noch so gute Bewertung (auf dem Papier) nicht vor – vorübergehenden – Rückschlägen retten.

Vgl. hierzu Die KGV-Masche sowie Was heißt “Au revoir” und was heißt “Hausse”.