Frog Ppt Combo 2 25 Final

444 views

Published on

Presentation for speakers from the 2/25/10 event including slides from Credit Suisse, Manatt, and SingerLewak

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
444
On SlideShare
0
From Embeds
0
Number of Embeds
9
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Frog Ppt Combo 2 25 Final

  1. 1. TODAY'S PANEL HERSHEL GERSON VP INVESTMENT BANKING JIM VIECELI PARTNER JIM PITRAT PARTNER
  2. 2. TODAY'S OBJECTIVES INVESTMENT BANKING HERSHEL GERSON – CREDIT SUISSE Current State of the Leveraged Finance Market Review of 2009 M&A Activity 2010: What Lies Ahead LEGAL JIM VIECELI – MANATT, PHELPS & PHILLIPS, LLP 2010 Proxy Season Antitakeover Measures / Review Defensive Profile M&A in 2010? FINANCIAL REPORTING JIM PITRAT – SINGERLEWAK Business Combinations Fair Value Revenue Recognition Non-GAAP Measures
  3. 3. INVESTMENT BANKING
  4. 4. CAPITAL MARKETS AND M&A HERSHEL GERSON, VP INVESTMENT BANKING – CREDIT SUISSE RESURGENCE OF THE LEVERAGED FINANCE MARKETS Equity markets have been on an unprecedented bull run during 2009 after the credit crisis of late 2007 / 2008 A stabilizing economy, low benchmark rates, and record investor returns in 2009 continue to fuel demand A wave of liquidity has been driving more aggressive deal terms – leverage higher, pricing lower, looser covenants 1. Despite a dearth of new CLO formation, significant refunding of loans has left existing CLOs with large cash balances to deploy Pent-up demand from investors and significant cash balances in investors’ pockets drove record issuance in 2009 1. Record positive inflows into high yield mutual funds continue to drive demand 2. High yield new issuance of $195 billion in 2009 is a new record Bridge financing has emerged for well-structured, good credit stories Secondary levels in institutional loans have come back in 2009

×