3/11 Crash Course in Private Equity, 11:30-1:30pm – presented by Kirkland & Ellis. This will be a lunchtime presentation by attorneys from Kirkland & Ellis and will be followed by an early evening Happy Hour with K&E’s attorneys. Additional information and RSVP instructions will be coming in the following week.
TBLS 2nd Annual M&A School, April 10 & 11 – Our biggest event of the year will take place Friday afternoon and Saturday morning. Partners and associates from Norton Rose Fulbright will present and entire M&A deal from start to finish. There will also be a networking reception after the Friday session. More information to come!
TERM OF THE WEEK
A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ‘A’ and ‘B’ to identify a bond’s credit quality rating. ‘AAA’ and ‘AA’ (high credit quality) and ‘A’ and ‘BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (‘BB’, ‘B’, ‘CCC’, etc.) are considered low credit quality, and are commonly referred to as “junk bonds”.
5 THINGS TO KNOW THIS WEEK
Their legal careers, and by extension their marriage, are the stuff of lore. Mary Jo White leads the Securities and Exchange Commission; her husband, John, practices law at an old-guard firm as elite as the corporations it represents. Together, they are a legal power couple that straddles Wall Street and Washington like few others.
Their careers, however, can at times collide, generating headaches for the S.E.C. as it pursues wrongdoing in the nation’s financial markets, according to interviews with lawyers and a review of federal records. In the nearly two years since Ms. White took over the agency, she has had to recuse herself from more than four dozen enforcement investigations, the interviews and records show, sometimes delaying settlements and opening the door, in at least one case, to a lighter punishment.
It was another down day in the oil market: Crude prices fell more than 2 percent, with WTI finishing Feb. 23 below $50 a barrel for the first time in almost two weeks.
For a moment, things looked like they might go the other way. OPEC President Diezani Alison-Madueke said in a Financial Times report that she would call an emergency meeting of OPEC if prices continue to fall. Oil prices were buoyed by the news—briefly—until they fell again.
Time Warner Cable’s deal risk is going down to the wire.
The $45 billion sale of Time Warner to its larger rival, Comcast, has already been under consideration for nearly a year by regulators. A Federal Communications Commission, preoccupied with its decision to treat the Internet like a utility, caused part of the delay. The agency’s decision to raise the standard for high-speed broadband also set off fresh concerns that it might influence the Justice Department’s analysis. The implied chances for success are now at 60 percent, close to the lowest in the market since the transaction was announced.
Federal Reserve Chairwoman Janet Yellengoes to Capitol Hill this week to deliver her semiannual testimony on monetary policy and the economy. Every utterance is potentially market-moving, coming at a time when the Fed is considering when to start raising short-term interest rates after holding them near zero since late 2008. Here is a smattering of the types of questions she is likely to get from lawmakers—and the sorts of answers Ms. Yellen can be expected to deliver. She testifies before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.
“Spoofing” is an illegal type of market manipulation that works like bluffing: A trader places big orders for stocks, bonds or futures to get others to think the price is going up or down. Then, in the blink of an eye, the spoofer cancels those orders and puts in opposite orders to take advantage of those traders. Spoofing can earn a big payoff but can undermine confidence in the markets and hurt other traders, The Wall Street Journal reports.