The World of ABL: Still Flat After All These Years

2016 has been a roller coaster year fueled by a contentious U.S. Presidential election, sinking energy costs and the surprise British vote to exit the European Union. Yet, for a second year, the ABL front remained quiet. Too quiet, some might say. As we prepare to say “good riddance” to 2016, ABF Journal contributor Lisa Miller speaks with ABL leaders about the state of the industry. Spoiler alert: They don’t see much change for 2017.

Fifth Street’s Q3 2016 Capital Markets Outlook

At $10.2 billion, middle market sponsored volume fell 12% from the second quarter, though it remains up from the $8.2 billion issued in the first quarter. From a cumulative standpoint, sponsored volume continues to fall short of 2015’s run rate: year-to-date volume stands at $30 billion, a 19% decline from the comparable period last year. 2016 may now shape up to be the slowest for sponsored lending since 2009.

September/October 2016

September/October 2016
Turnaround Management
Vol. 14, No. 6

Motley Fool: Wells Fargo Poised to Overtake Bank of America

ABF Journal illustrator Jerry Gonzalez shows Wells Fargo bulking up to take over Bank of America’s spot.

What’s in Your Intercreditor Agreement? For First Lien Lenders, the Devil’s in the Details

For many years, bankruptcy courts failed to enforce intercreditor agreements because the parties involved were not in bankruptcy. Courts today are enforcing these agreements strictly according to their text. Failure to note the precise wording of an intercreditor agreement can trip up a first lien lender and give the second lien lender the upper hand during bankruptcy proceedings.

Law Firm Financing on the Stand: Controversial Financing Enables Firms to Withstand Long-Term Litigation

Litigation involving hundreds or thousands of clients can take years to resolve, putting a financial strain on law firms working on a contingency basis. While banks are willing to provide loans based on a firm’s hard assets, law firm finance companies are willing to lend based on anticipated fees, account receivables and other assets. Attorney Kelly Anthony explains this new type of specialty lending and defends it against industry detractors.

Lenders and Turnaround Professionals: A Changing Relationship

Traditionally, lenders and turnaround professionals have worked in tandem to assure a positive outcome for the lender and the borrower. But since the onset of the Great Recession, that relationship has undergone many changes. Veteran turnaround professional and ABF Journal Contributing Editor Howard Brownstein shares some observations on this changing relationship.

Slow and Steady: Battaglia and Encina Business Credit — in the ABL Game for the Long Haul

Starting a new nonbank ABL is not for the faint of heart, says Encina Business Credit CEO Marty Battaglia. The 30-year ABL veteran spoke with ABF Journal editor Nadine Bonner about the challenges of starting a new business and the slow, sure future he envisions.

July/August 2016

July/August 2016
ABL Borrowers’ Issue
Vol. 14, No. 5

Seven Banks to Pay $324MM in Rate Rigging Case

Seven of the world’s biggest banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market. ABF Journal illustrator Jerry Gonzalez envisions the judgement day.