Hints and tips:
...private debt funds charge....
...Private credit could be the Ozempic to help banks on yet another diet....
...Now out of the blue AI comes along, the stock market goes up, financial conditions ease dramatically....
...Yet the company’s accounting was so poor that much of the funds allegedly came from accounts that held customer deposits....
...It also represents distressed debt vultures fighting with troubled companies....
...The $1.5tr Private Credit industry has grown at ~10% CAGR over the last 10 years, in-line with the overall $10tr Private Markets industry....
...With a new credit line from the state-backed Postal Savings Bank of China, the group was included among the ranks of safer developers that were supposed to restore order to an industry wracked by defaults...
...Apollo is best known for its original leveraged buyout business, which also bought up distressed debt of companies through its private equity funds that it wished to eventually control....
...So one of the things that fund managers say to me all the time is watch private equity, watch the riskier ends of the credit markets, because if there is going to be a big stress event that comes from these...
...But not high enough: It’s still mostly deep in distressed territory, signalling trouble ahead....
...Getting the First Republic seizure and takeover over the finish line was still no easy feat....
...Mollett runs distressed debt investing at Angelo Gordon, a $50bn credit manager based in New York. The firm is in the midst of two similar bankruptcy fights at Revlon and Serta Simmons, respectively....
...After regaining momentum, Crastes struck out on his own in 2010, with Crédit Agricole rival Natixis staking his new fund-management venture....
...The fund, which has around $9.5bn in assets, describes itself as an expert in “event driven, distressed credit and special situation opportunities”....
...“Everybody wants to finance us,” Agarwal told the Financial Times in an interview, citing Indian banks and “American funds”, which he declined to name....
...Brady bonds were invented so western banks could avoid recognising losses from distressed and defaulted sovereign debt....
...Black proposed “alternative assets”, which could be anything really: office towers, the debts of distressed borrowers, even entire companies....
...It set up a credit business in 2005 which now has €34bn under management....
...“Dry powder has been pretty constant — volume has increased, but in line with assets under management,” she says....
...Rain was starting to sweep in off the sea, splashing on to the wide balcony bathed in blue spotlights....
...Then Intel struggled to master mass production in two consecutive process technology generations. This allowed TSMC to pull ahead not only in scale but also in technology....
...These credit investments are now Apollo’s biggest and fastest growing business....
...The Moomba project will be eligible for government funding through a carbon credit buying programme known as the Emissions Reduction Fund....
...The biggest traditional asset managers are racing to bulk up their offerings of alternative products, including hedge funds, private credit, infrastructure and private equity....
...Here is an only somewhat confusing ECB chart of this phenomenon: On the left panel, as the blue spots move down and to the left, they represent increasing fund exposure to less liquid, lower credit quality...
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