Hints and tips:
...“It’s a huge positive for private equity, which otherwise might be faced with limited or painful options.”...
...Private credit deals, in addition to generating interest income, also charge management fees to limited partners....
...To keep the Reparations Loan from eroding Ukraine’s debt dynamics, the Reparations Loan would be structured as a “limited recourse” obligation, meaning that the G7 lenders would look only to their collateral...
...As Alex wrote yesterday, the broadly syndicated loan market has clawed back some market share lately, but private credit remains one of the hottest asset classes out there....
...The losses limited lenders’ interest in extending new loans, and when they did the terms were often too expensive for private equity firms to turn to....
...Recently, a related proposal for a “limited recourse” syndicated loan has been made by Lee Buchheit, Hugo Dixon and Daleep Singh....
...Rents earned by the funds from making private direct loans accrue to the general partners, not the limited partners....
...But here is the gist: they propose that the G7 (or a larger group of allies) issue a syndicated loan to Ukraine, which offers future reparations claims on Russia as security for the loan on a “limited recourse...
...Moreover, despite new insights from Form PF, visibility into the private credit space remains limited....
...“[But] you’re starting to see the syndicated option come back.”...
...A crackdown on financial leveraging in China sent Zhongwang’s financial arm into bankruptcy on the same day as its parent, leaving Liu overleveraged and with limited options....
...But other areas where there is high local demand, but limited supply, such as automotives or defence, will require the PIF importing capacity through acquisitions....
...But markets aren’t exactly ripe for acquisitions, nor does its limited experience in pulling off big transactions make for a quick transition from adviser to advisee....
...The right of bondholders to bring lawsuits directly must be restored; bondholders should not be limited to proceeding through an indenture trustee....
...But, instead, they found that huge levels of government support for business limited these opportunities, leaving more capital unallocated....
...He found private lenders were twice as likely as the broadly syndicated loan market to ask for borrowers to agree to inject new capital into deals, forestalling restructuring....
...Elliott has turned to bank financing for its takeovers of Citrix and Nielsen, signalling that syndicated debt markets in the US continue to absorb large deals — particularly for software buyouts....
...Lenders had this year been successfully rolling over their syndicated loans from abroad, he added....
...By contrast, Commerzbank, which had a €200m exposure in the same syndicated loan, suffered a loss of €175m....
...The Bank for International Settlements has found that companies with revenues of $1bn or more accounted for 70 per cent of all borrowing from the corporate bond and syndicated loan markets between January...
...Before becoming chair of Lloyd’s, he had stints at JLT, Aon, Marsh and Catlin. He said that the proposals made by Lloyd’s in its plan last week had been welcomed in the market....
...As a result, Goldman made a series of technical moves to syndicate the loan that UNFI claims limited its flexibility and potentially made it more onerous to repay the debt....
...Spain’s BBVA issued the first corporate loan on the blockchain in April and followed up by completing the first syndicated loan on blockchain in November....
...It had tapped $810m in syndicated loans this year and last year, according to Dealogic data....
...The country’s National Treasury Management Agency said in a statement issued on Monday that it “intends, subject to market conditions, to issue a new Irish sovereign green bond by syndicated sale during...
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