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...Similar to the concept of carbon offsets, plastic offsets are a financial mechanism that allows companies to balance the plastic waste they collect against the waste they produce, theoretically cancelling...
...And that oftentimes applies to our direct-lending business or private credit business. But the leverage is less than one times. So it’s a lot less than what it is on bank balance sheets....
...Today, new private credit structures are giving investors access to assets previously confined to banks’ balance sheets such as equipment finance....
...The decision applies to the largest issuers in the sector, which represent over 1mn open accounts and more than 95 per cent of total outstanding credit card balances, according to the agency....
...Bank of England data shows credit card borrowing grew from £300mn in December 2023 to £900mn in January 2024. Outstanding balances rose by 9.2 per cent over 2023, according to The Money Charity....
...Nonprime borrowers account for about 28 per cent of its credit card balances. Its partner agreements with retailers means some of the impact from loss of late fees will be shared....
...Incomes have also risen in that period, making the higher credit card balances more affordable....
...(Credit Slips)...
...A further €1.5bn of forecast free cash flow over the next three years will finally bring its balance sheet to a place of safety....
...with all of this bad debt on their balance sheets they couldn’t do stuff with....
...Non-conversion in such cases creates liquidity and balance-sheet management problems for the issuer....
...Negotiations between highly indebted IT services company Atos and its lenders are hanging in the balance after one of its biggest creditors, Crédit Agricole, signalled it wanted to walk away....
...The synthetic variant keeps assets on a bank’s balance sheet but transfers a portion of the credit risk to third parties such as hedge funds via derivatives or guarantees....
...balances and auto loans signalling “increased financial stress”....
...PIK has been a great tool for issuers seeking to preserve margins and cash balances during this period of elevated base rates, but we believe that private credit’s structural advantage of PIK inclusion may...
...The finance ministry said China’s debt was under control, while hidden debt — local government’s off-balance sheet liabilities — was also declining....
...As the Scope credit rating agency observes: “The scale of the review is unprecedented for a country having an uneven record of significantly and sustainably reducing public expenditures.”...
...The rate of balances past due by more than two months was 2.21 per cent in the third quarter of 2023, higher than four years earlier, the report said....
...It will also launch “structural longer-term credit operations and a structural portfolio of securities”, but these would be introduced only “at a later stage” once the ECB’s balance reaches a smaller size...
...Everything that is on a bank balance sheet is private credit. Let’s start with that. Every dollar, every euro that moves off of a regulated bank balance sheet de-risks the system....
...In 2023, outstanding credit card balances surpassed $1tn for the first time. Discover’s fourth-quarter net income of $388mn was down 62 per cent from a year earlier....
...Barclays has agreed to sell approximately $1.1bn worth of credit card debt to private equity firm Blackstone, as the British bank steps up efforts to move assets off its balance sheet in advance of more...
...The lender has come under scrutiny within Switzerland following its rescue of Credit Suisse, especially over the size of the combined group’s balance sheet — roughly twice the country’s gross domestic product...
...She argues that credit markets are becoming steadily bifurcated between companies who will benefit from rate cuts on the margin, and those whose balance sheets will struggle in the new 2-4 per cent yields...
...Though much of KKR’s investment activity will be aimed at assets moving off other balance sheets, it has built up its own stable of assets....
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