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...Past liability management scenarios presented at JPMorgan’s high-yield and leveraged finance event this week included those of Bausch Health and Dish/EchoStar....
...US billionaire Bill Ackman’s hedge fund Pershing Square rejoined the top 20 hedge funds after leaving the rankings in 2015. It was up 27 per cent in 2023, making $3.5bn....
...And since 2008, mid-market corporates and mortgage borrowing have increasingly moved away from banks....
...The investment managers that form the layer in between get their capital from insurance companies, sovereign wealth funds, pension funds and so forth....
...Hedge fund Muddy Waters on Wednesday revealed a bet against a publicly listed real estate investment trust managed by private equity giant Blackstone....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...HIG purchased Mobileum with capital from a maiden technology fund that it had launched a few months before the deal....
...These highly leveraged hedge fund groups diversify investments across a wide range of asset classes....
...We’re just spitballing here, but what if some big investors that are leveraged long duration through futures get creamed by a violent sell-off?...
...financial stability posed by leveraged trades in government bond markets”....
...The dealmaking partnership got their hands on VMware in multiple steps that began with the $24.9bn leveraged buyout of Dell Technologies in 2013....
...Executives in the NAV lending industry said that most new loans were still being used to fund distributions to the investors in funds....
...An Rmb2tn ($280bn) stock market “stabilisation fund” drawn from the offshore money of state-owned enterprises is reportedly being considered....
...Unlike public stocks that plunged last year, buyout funds haven’t faced large markdowns. No firms have imploded yet and bankruptcy courts are only beginning to hum with busted leveraged buyouts....
...The REAL worry is correctly that these funds are huge, unusually opaque, heavily leveraged and employ very similar strategies implemented by teams of traders and portfolio managers who often bounce from...
...Most Fed officials support reducing the central bank’s mortgage-backed securities holdings to zero, to avoid distorting the mortgage market....
...Rising interest rates left the banks that finance leveraged buyouts (LBO) stuck with loans that they could not sell....
...Delinquencies on those loans — which tend to be backed by higher-quality or lower-leveraged buildings — are rising, but are still very low....
...the financial system stemming from leveraged bets on US government debt....
...It has caused many investors to commit less to new funds....
...There are signs that it is already happening, with JPMorgan Chase and Goldman Sachs lining up $8.4bn of debt to fund GTCR’s purchase of a majority stake in payments provider Worldpay....
...Another factor for money markets next year will be the Fed’s programme of quantitative tightening, or QT, through which it is reducing the portfolio of Treasuries and mortgage-backed bonds it acquired after...
...But there’s still over $400bn of dry powder in various private credit funds — with more money being raised all the time — so it seems wildly premature?...
...from leveraged bets on US government debt....
...to its funds....
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