Schlagwort: Capital Structure

  • The Death of Cheap Capital – Part III

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    Why Refinancing Risk Is Becoming Systemic For years, refinancing was treated as routine. Debt matured.New debt replaced old debt.Liquidity remained available. The system functioned on one dominant assumption: capital would always be accessible. That assumption is now being tested. And the implications are structural. The Refinancing Era The cheap capital environment normalized refinancing dependency across…

  • 5 Years BlackSwan Capital: From Vienna to the World

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    Five years ago, BlackSwan Capital started with nothing but a masterplan. No safety net.No institutional backing.No guarantee that it would work. And, to be honest — almost nobody believed it could be done from Vienna. Today, five years later, BlackSwan Capital is a globally active investment banking platform.Built deal by deal.Relationship by relationship.Under pressure. Without…

  • The Era of Cheap Capital Is Over

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    By Martin Wolfram Steininger For more than a decade, global markets lived in an unusual environment. Capital was abundant.Interest rates were near zero.Liquidity flooded financial markets. In that world, many business models worked. Not because they were fundamentally strong — but because capital was artificially cheap. That era is now over. And many companies are…

  • The Balance Sheet Is the New Battlefield

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    For years, strategy meant growth. Market share.Expansion.Revenue curves. But the world has changed. Today, the real battlefield is not the market. It is the balance sheet. Companies with strong balance sheets dictate terms.Companies with weak balance sheets negotiate survival. Capital structure has become strategy. Cheap Money Is Gone For more than a decade, capital was…

  • EBITDA Is a Comfort Lie

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    EBITDA is the most comfortable number in corporate finance. It looks clean.It looks strong.It looks scalable. It also hides reality. Because EBITDA does not pay interest. Cash does. EBITDA does not repay principal. Cash does. EBITDA does not survive refinancing. Cash does. In volatile markets, EBITDA becomes what it often was all along: A comfort…

  • Refinancing Is Not a Transaction. It Is a Verdict.

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    Most companies treat refinancing like administration. A maturity date approaches.A bank process starts.A few term sheets come in.The cheapest one wins. Done. This mindset is not only outdated. It is dangerous. Refinancing is not a transaction.Refinancing is a verdict. The market is not “tight.” Your structure is. In easy markets, almost everything refinances. Weak balance…

  • Stop the Banker Bashing: Banken sind keine Risikoträger

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    Lassen wir uns eine weit verbreitete Fehlannahme korrigieren. Banken sind nicht dafür gebaut, Risiko zu nehmen. Sie sind dafür gebaut, Risiko zu managen. Von den Medici bis zu modernen Geschäftsbanken war die Kernfunktion immer dieselbe: Liquidität gegen Sicherheiten bereitstellen.Risiken konservativ bepreisen.Die Bilanz schützen. Das ist kein Fehler.Das ist das System, wie es gedacht ist. Das…

  • Warten Sie nicht, bis die Bank „Nein“ sagt: Kapitalstruktur ist Chefsache

    Unternehmer denken über viele Dinge früh nach: Marktposition, Technologie, Vertrieb, Kundenservice. Doch über Kapitalstruktur, die Mischung aus Eigen- und Fremdkapital, fangen viele erst dann ernsthaft nachzudenken an, wenn es zu spät ist: wenn die Bank die Kreditlinie kürzt, Liquidität eng wird oder eine Refinanzierung ansteht. Das ist kein Zufall, es ist strukturell bedingt. Kapitalstruktur: Ein…

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