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...portfolio issues because they aggressively deployed capital in sponsor-backed loans between 2019 and 2021, a period when heightened competition caused financing for leveraged buyouts to become increasingly borrower...
...“It has evolved into a consistent financial tool for borrowers and it has gone more and more upmarket,” said Dan Pietrzak, co-head of private credit at KKR....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome loans in favour of a cheaper alternative, according to data from Bank of America....
...Most borrowers didn’t hedge. Generally speaking, they aren’t as large or as profitable businesses....
...of tips on how to avoid history repeating itself — among them, not allowing majority-owned or controlled companies the same covenant flexibility as public companies, and grouping up quickly with other borrowers...
...As a result, Celsius flipped from being a borrower to being owed $509mn on an unsecured basis by EquitiesFirst....
...The chief investment officer of US-based Muddy Waters, Carson Block, told the Sohn investment conference in London that there was “a lot of rot in its book”, and that many of the borrowers whose loans make...
...Edward Finley of Arrow Wealth Advisory LLC pointed out that from a certain point of view, the question “does private credit, as an asset class, generate excess return” is a sort of category mistake: An...
...“If we lend private debt to borrowers in Turkey, we can get gas stations and apartments and shopping malls as uncorrelated collateral to their business yet still get 10 per cent additional yield per annum...
...chain in Miami as its office, in an attempt “to conceal the whereabouts” of the cash, according to the court filings “This case involves the transfer and concealment of over half a billion dollars by a Borrower...
...But in addition to the names you would expect that are traditionally associated with private credit, AT&T, Air France and Vonovia, borrowers value certainty, scale and speed to execution....
...“It’s a very tough business,” said Harry Jho, founder of law firm Harry Jho LLC, which specialises in prime brokerage, adding that “if you’re providing full financing, you have to be able to assess the credit...
...down on predatory loan apps by cutting off their access to “sensitive” data including debtors’ contacts, photos and location, after growing criticism that unscrupulous lenders are tapping the contents of borrowers...
...Smith, on the other hand, is joining forces with General Atlantic to build scale and capitalise on leaner times — where terms increasingly favour lenders, not borrowers....
...Credit markets have tightened substantially in response to central banks raising interest rates in an attempt to cool inflation, increasing stress on some corporate borrowers....
...To smooth the new and more lenient liquidity measures and show good faith, some borrowers added additional equity to the deals....
...US stocks are up more than 75 per cent since their low in March, while spreads on corporate debt — a measure of how much extra interest corporate borrowers have to pay compared with the US government — returned...
...Black proposed “alternative assets”, which could be anything really: office towers, the debts of distressed borrowers, even entire companies....
...Jill Dauchy is founder and CEO of Potomac Group LLC, a Washington DC-based financial advisory firm for sovereign governments and public sector borrowers, as well as a podcast host....
...“The environment could not be better for borrowers but it is generating a lot of old school aggression,” said Christina Padgett, head of leveraged finance research and analytics at Moody’s....
...Like Thoma Bravo in the Stamps.com deal, they might end up as both borrower and lender, private equity on the one side, private credit on the other....
...Or they want to own their home through an LLC [limited liability company] — maybe a celebrity who wants to keep their identity private,” she says....
...This has referred Greensill borrowers to JPMorgan and its ilk. That has stalled the Apollo deal....
...prospects of grizzled bond traders and salespeople who still think Python is a snake, the dawning of a more digital fixed income era raises a host of opportunities and challenges for investors, banks, borrowers...
...The US junk bond market has begun wavering on rising inflation worries, raising the risk that the powerful rally since the depths of the pandemic in the debt issued by the riskiest corporate borrowers may...
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