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...Some whitelisted lenders have been reluctant to lend more to troubled companies when their investment is already under pressure....
...When Invesco bought the largest chunk of $620mn of apparently low-risk loans issued by heater and air conditioner parts maker Robertshaw in 2018, it seemed just like many investments the US asset manager...
...“vulture” tactics similar to conventional distressed debt specialists such as Apollo and Elliott Management....
...But he insisted alternative investment strategies were crucial for the sector’s financial future. “Without private assets, insurance cannot work.”...
...Scott Rechler, the chief executive of RXR, one of New York’s largest office landlords, is teaming up with Ares Management, an alternative investment manager that has $49bn in real estate assets....
...Dorrell and Vichie even recreated the culture they had observed inside Blackstone, recruiting dealmakers from private equity and hedge funds with expertise in restructuring financially distressed assets....
...Distressed debt funds such as Elliott Management have scooped up some of these bonds, betting that eventual losses will not be as steep as feared, however....
...A few weeks earlier, Japan’s Dai-ichi Life Holdings took a stake in Canyon Capital, a $20bn credit manager that made its name as a distressed and opportunistic debt expert....
...Mortgage Investment Trust....
...The point is simply that private credit does not generate alpha systematically, as an asset class. To the degree the market is efficient, no asset classes do this....
...IMI was also left with a £600mn debt behind the Very Group and other family assets. Rani R....
...He said the asset manager’s analysts have been using some form of AI for years, but played down the idea that the company would use the technology in investment decisions such as stockpicking....
...The bonds currently trade at highly distressed levels of about 25 to 30 cents per dollar of original face value....
...The fact that a collector’s debt-fuelled shopping for bad loans has necessitated the help of one of the world’s most notorious distressed debt shops is, admittedly, amusing....
...Private equity houses need to monetise some of the assets that have got stuck on their balance sheets....
...Last year, debt-distressed Egypt released two yen-denominated Samurai bonds with the Africa Finance Corporation as a guarantor....
...Investment firms are raising billions of dollars to buy stakes in venture capital-backed technology start-ups, as a long drought in acquisitions and initial public offerings forces early investors to offload...
...Nevertheless, nervous fund managers have been offloading their bonds, according to several distressed debt investors who have been able to scoop up the debt at deeper discounts than their predicted losses...
...Fourteen, or roughly half, of the companies that have defaulted across the globe this year were classified by S&P as “distressed exchanges” — agreements that typically involve creditors receiving assets...
...We’ve talked about TRAs before, most notably in the buyout of Sculptor Asset Management last year....
...The chart below shows several plausibly inflation-sensitive assets....
...Private equity’s biggest names including KKR and Bain Capital are handing over distressed companies to the lending arms of rivals, as they struggle with tough economic conditions....
...industry-wide assets have risen sixfold to $1tn....
...Vanguard chief executive Tim Buckley plans to retire from the asset manager by the end of the year....
...Robert Koenigsberger, founder of the Greenwich, Connecticut-based investment firm, told the Financial Times that distressed bonds of Chinese developers such as Country Garden, which currently trade at a...
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