Global Conference 2011
Small-Cap High-Yield Outlook
Wednesday, May 4, 2011 / 8:00 am - 9:15 am
Since the beginning of the financial crisis, small-cap companies have faced a dearth of financing options. They have been abandoned by the larger financing companies and investment banks. The few traditional banks have been willing to provide credit have included overly restrictive covenants. But more recently, the market for small high-yield issues has opened. These issues are generally under $175 million and have traditionally been considered illiquid by most Wall Street participants. These institutionally purchased issues provide true permanent capital for companies looking to avoid the frequent covenant-related constraints on corporate actions as well as a flexible structure for future financings and growth. This panel will examine the current state of this market and trends for the future.
Executive Vice President, Co-Head of Investment Banking and Head of Capital Markets, Imperial Capital