Tax Bill May Deal Body Blow to LBOs - Bloomberg Gadfly
... cap interest deductibility at 30 percent of adjusted taxable income, a dramatic shift from the 100 percent allowed now.
...exempt from this change, but the definition of this seems to be companies with gross receipts of not more than $5 million.
Thursday, November 2, 2017
Covenant Lite - PE KeyTrends - PE-Backed Deals Hit Highest Level Since 2007 - btbirkett@gmail.com - Gmail
PE KeyTrends - PE-Backed Deals Hit Highest Level Since 2007 - btbirkett@gmail.com - Gmail
...COVENANT-LITE AT RECORD, AS U.S. LEVERAGE GUIDANCE IS ELIMINATED. Issuance of covenant-lite leveraged loans, which place few restrictions on borrowers and are used to finance private equity purchases, achieved a record as a percentage of leveraged credit in the bellwether U.S. market in the first nine months of the year. Covenant-lite accounted for an unprecedented 72.9 percent of all U.S. leveraged loans, or $690 billion out of outstanding issuance of $947 billion, also a record amount
...COVENANT-LITE AT RECORD, AS U.S. LEVERAGE GUIDANCE IS ELIMINATED. Issuance of covenant-lite leveraged loans, which place few restrictions on borrowers and are used to finance private equity purchases, achieved a record as a percentage of leveraged credit in the bellwether U.S. market in the first nine months of the year. Covenant-lite accounted for an unprecedented 72.9 percent of all U.S. leveraged loans, or $690 billion out of outstanding issuance of $947 billion, also a record amount
Top-Heavy US VC Market May Lose Footing As Early-Stage Deals Slip Away - Crunchbase News
Top-Heavy US VC Market May Lose Footing As Early-Stage Deals Slip Away - Crunchbase News
...The average entrepreneur lacks the specific domain expertise and access to huge pools of capital necessary to bring new, more high-tech ventures involving AI, virtual reality, and other domains to fruition. The level of technical sophistication required to build a mobile app or website is much lower than building a drone delivery network. But those massive technological movements have now lost their head of steam.
... for Uber and Lyft’s collective share of the VC funding into US-based public transportation and ride-sharing startups would look very similar. (However, on a global scale, companies like Didi Chuxing, Ola, and others have garnered a large chunk of funding as well.)
... the first and second wave of startup gold rushes have served to create the very incumbents that new startups have to find a way to compete against....Over time, as more and more market niches are filled, there are fewer and fewer opportunities for new startups to enter the market.
... a small handful of companies get the most traction, and those with traction will receive the bulk of future fundings in the sector. Very rarely does the dark horse contender go on to be the champion...If the majority of a new market goes to a tiny handful of companies, there’s little benefit to betting on the also-rans.
...The average entrepreneur lacks the specific domain expertise and access to huge pools of capital necessary to bring new, more high-tech ventures involving AI, virtual reality, and other domains to fruition. The level of technical sophistication required to build a mobile app or website is much lower than building a drone delivery network. But those massive technological movements have now lost their head of steam.
... for Uber and Lyft’s collective share of the VC funding into US-based public transportation and ride-sharing startups would look very similar. (However, on a global scale, companies like Didi Chuxing, Ola, and others have garnered a large chunk of funding as well.)
... the first and second wave of startup gold rushes have served to create the very incumbents that new startups have to find a way to compete against....Over time, as more and more market niches are filled, there are fewer and fewer opportunities for new startups to enter the market.
... a small handful of companies get the most traction, and those with traction will receive the bulk of future fundings in the sector. Very rarely does the dark horse contender go on to be the champion...If the majority of a new market goes to a tiny handful of companies, there’s little benefit to betting on the also-rans.
It’s best to look at these numbers directionally, not literally. For many reasons, there are reporting delays in venture capital deals, especially for seed and early-stage rounds. But to reiterate a point from last week, even if actual seed and early-stage deal volume is the same today as it was at the beginning of 2012 (e.g. at that 100 percent level on the chart), it’s still significantly off from mid-cycle highs.
...If Evans is right, the deepest pools of technological opportunity – AI, VR/AR, autonomous vehicles, and drones. – may be oases, but not for startups. So don’t be surprised if there’s a dry spell.
Wednesday, November 1, 2017
VCs take on Wall Street with new credit card offerings | PitchBook News
VCs take on Wall Street with new credit card offerings | PitchBook News
...Uber recently announced that it was trying its hand at being a fintech—after all, its expansion into the food delivery sector has worked out pretty well. In partnership with Barclays and Visa, the ridehailing giant launched its own credit card last week. Applications for the card open on Thursday. Amenities include 4% cash back on dining—yes, that includes UberEATS—and 2% cash back on online purchases—yes, that includes Uber rides.
...Uber recently announced that it was trying its hand at being a fintech—after all, its expansion into the food delivery sector has worked out pretty well. In partnership with Barclays and Visa, the ridehailing giant launched its own credit card last week. Applications for the card open on Thursday. Amenities include 4% cash back on dining—yes, that includes UberEATS—and 2% cash back on online purchases—yes, that includes Uber rides.
Why Is the Government Giving Money to Dying Malls? - Bloomberg
Why Is the Government Giving Money to Dying Malls? - Bloomberg
Developers incorporating additions such as housing and parks in their plans are turning to public partners to help rehabilitate the aging retail meccas that dot the U.S.
Developers incorporating additions such as housing and parks in their plans are turning to public partners to help rehabilitate the aging retail meccas that dot the U.S.
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