Hints and tips:
...Berkshire’s line-up of managers, however, is to P/C insurance what Cooperstown’s honorees are to baseball.”...
...Weschler, 61, started out as a junior financial analyst at WR Grace before helping to start private equity group Quad-C Management, then launching his own hedge fund in 2000....
...About a fifth of the loans in the BCRED CLO can be rated triple-C or below by Moody’s, far higher than the 7.5 per cent threshold for broadly syndicated CLOs....
...Just $3bn of risky triple-C rated US bonds and loans have been issued into the broad market this year, down 78 per cent from last year, according to data from PitchBook LCD and Refinitiv....
...Companies with double B or B plus debt ratings have received solid demand, while lower-rated single B and triple C rated companies have been forced to go to private credit lenders for financing....
Activity subsided in second quarter amid investors’ concern over banking turmoil
...Many CLOs have also already hit their limits on the number they can buy of triple C loans — one of the lowest credit ratings the major agencies can assign....
...that surfed the decade and a half of low interest rates, using plentiful and cheap debt to snap up one company after another and become the new titans of the financial sector, write Antoine Gara, Eric Platt...
...The company’s triple C plus credit rating is one of the lowest assigned by the big rating agencies, with analysts at S&P Global warning its upcoming debt maturities “present significant refinancing risk”...
...With my colleagues Oliver Ralph and Eric Platt, I put this question to Warren Buffett, Berkshire’s chair, in an interview five years ago....
...Adam Abbas, the co-head of fixed income at Harris Associates, said markets were “effectively” closed for triple-C rated companies looking to raise debt, raising the spectre of “a natural default cycle”....
Lenders line up to provide financing after volatility spurs profit gains for US equities trading house
...Additional reporting by Eric Platt in New York...
...“No longer is the large deal just the provenance of the banks,” Kipp deVeer, head of credit at Ares, told DD’s Eric Platt....
...Rival credit agency Fitch downgraded Ukraine two notches to triple-C from single-B on Friday, signalling the severe stress the country is under as it battles to retain control of Kyiv....
...That has opened the door for some companies, including financial technology company SS&C Technologies, to tap investors for capital after postponing planned borrowings earlier this year....
...This month, banks led by RBC Capital Markets pulled a $1.7bn loan deal to fund SS&C Technologies’ takeover of software company Blue Prism after facing weak demand, one person familiar with the matter said...
...C (soft landing): equities and corporate credit. D (growthflation): commodities. Several of our picks overlapped with those of Matthew Klein at The Overshoot....
Citadel founder pays $43.2m for document and will display it in Walmart heir’s museum
...The rating agency Fitch assigned a low assessment of triple C minus to the bonds, just one notch above default....
...That renders 37 per cent probabilities for A and B, and 13 per cent for C and D....
...In September, one particular deal caught the market’s attention: a triple C rated loan from software company BMC that priced with a yield of just 6.3 per cent....
...Golsby’s role as remuneration committee chair will be filled by board member and former Countrywide chief Alison Platt....
...Additional reporting by Miles Kruppa in San Francisco and Eric Platt in New York...
...The IPO has been structured using an umbrella partnership corporation, or “up-C”, to offer tax advantages to executives and early backers like Silver Lake....
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