Navigating challenging markets
Davis Polk partner and Finance co-head Jason Kyrwood and partner Meyer Dworkin authored a two-part series on “Navigating challenging markets” for International Financial Law Review. Recent market conditions have once again highlighted the risks associated with underwriting and marketing term loan B (TLB) and high-yield bond financings. Over the years, loss mitigation technology has developed to address these risks – but sustained periods of market volatility have been rare, so this technology is not always well understood.
In part one of the series, “Term loan B syndications,” Jason and Meyer discuss the tools available to borrowers and underwriters to optimize outcomes in TLB syndications. In part two, “Bridge loans and high-yield bonds,” they review the tools available to issuers and bookrunners in optimizing outcomes for marketing bridge facilities and high-yield bonds.