Mirror Mirror On the Wall, Who’s the Most Creative of Them All? – Bank Debt Award

By George Weltman

Surely, these are difficult times in the capital and credit markets. The credit crisis has squeezed liquidity, which is clearly borne out in the dearth of activity in the capital markets. In the bank market, the situation is not so clearly evident but activity has certainly slowed, with banks reiterating that the right clients with the right assets will have ready access to funding. Of course, pricing and conditions of the loans have reverted to the more normal terms of the recent past, including higher spreads, lower advances, amortization and covenants. But despite the increased cost and tightening, bank debt remains the cheapest capital available. And as evidenced by the multitude of nominees, deals are getting done. The syndication market is working even with the imposition

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