本文发表在 rolia.net 枫下论坛我不是做lev. fin. or corp banking 的, 知道一点点, 还请干这行的人补充.
Bank loans, 相较于 high yield bonds, mezzanine, 是senior debt, 一般都是有collaterals, or secured by assets. If borrower fails to service loans, the creditor can sell the secured assets to get $ back. Therefore, the risk is lower compared with high yield notes or mezz, which typically are unsecured.
再有, bank loan is priced on floating interest rates, e.g. LIBOR + credit spreads, 而 high yields and mezz have fixed interest rates. From creditors perspective, the interest payments received would be fluctuating depending on the movements of LIBOR.
还有, high yields and mezz are typically rated by credit rating agencies and traded on the market. On the contrary, bank loans are typically not rated, nor traded, i.e., there's no liquidity for bank loans. Banks can not readily sell their bank loans on the markets.
再要具体谈risks, 还要看bank loan 的分类, 各个bank loan product 差别很大, risk perspectives 也不一样. Bank Loans include Revolving Credit Facility (revolver), Term Loan A, Term Loan B, Term Loan C, Second Lien, and Bridge Loan. 每个product 的 interests, tenor, collateral, amortization or bullet payment, rank 等等都不同, risk 也就要具体情况具体分析.
想起不久前Aimco 对 precision drilling 的投资, very interesting deal. Aimco 的unsecured debt investment with 10% interest rate, far better than 17% interest PD pays on its bridge loan, which could be rolled over to 8-year Term Loan with 21% interest if failed to refinance the bridge loan. Aimco only asked for 10% interest, 在当前的市场看来, 是很低的, 完全可以charge 更高, 但可能是个compromise, in order to get the very lucrative warrants, which have a 5-year term and very low ($3.22) exercise price. If we think of the debt and warrants as a whole package, it pretty much likes a typical mezzanine structure, i.e., debt with equity kickers...
扯远啦, 该睡觉了. 有时间接着侃...更多精彩文章及讨论，请光临枫下论坛 rolia.net
Bank loans, 相较于 high yield bonds, mezzanine, 是senior debt, 一般都是有collaterals, or secured by assets. If borrower fails to service loans, the creditor can sell the secured assets to get $ back. Therefore, the risk is lower compared with high yield notes or mezz, which typically are unsecured.
再有, bank loan is priced on floating interest rates, e.g. LIBOR + credit spreads, 而 high yields and mezz have fixed interest rates. From creditors perspective, the interest payments received would be fluctuating depending on the movements of LIBOR.
还有, high yields and mezz are typically rated by credit rating agencies and traded on the market. On the contrary, bank loans are typically not rated, nor traded, i.e., there's no liquidity for bank loans. Banks can not readily sell their bank loans on the markets.
再要具体谈risks, 还要看bank loan 的分类, 各个bank loan product 差别很大, risk perspectives 也不一样. Bank Loans include Revolving Credit Facility (revolver), Term Loan A, Term Loan B, Term Loan C, Second Lien, and Bridge Loan. 每个product 的 interests, tenor, collateral, amortization or bullet payment, rank 等等都不同, risk 也就要具体情况具体分析.
想起不久前Aimco 对 precision drilling 的投资, very interesting deal. Aimco 的unsecured debt investment with 10% interest rate, far better than 17% interest PD pays on its bridge loan, which could be rolled over to 8-year Term Loan with 21% interest if failed to refinance the bridge loan. Aimco only asked for 10% interest, 在当前的市场看来, 是很低的, 完全可以charge 更高, 但可能是个compromise, in order to get the very lucrative warrants, which have a 5-year term and very low ($3.22) exercise price. If we think of the debt and warrants as a whole package, it pretty much likes a typical mezzanine structure, i.e., debt with equity kickers...
扯远啦, 该睡觉了. 有时间接着侃...更多精彩文章及讨论，请光临枫下论坛 rolia.net