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...As many private credit groups rely on buyout shops for business — the bulk of their lending is often to finance private equity deals — they may have an incentive to avoid rocking the boat even if a company...
...lending....
...“For Chinese banks, the downside of lending to distressed property projects far outweighs the upside,” said Larry Hu, chief China economist at Macquarie....
...But several so-called distressed exchanges have wound up being nothing more than can-kicking exercises towards bankruptcy....
...The other factor is that fund flows into direct lending have been stable and growing, especially from high-net-worth investors putting money into semi-liquid BDCs [business development companies]....
...“Conditions have certainly blown loan-to-value ratios out of covenant levels for many developers and owners,” said Saul Goldstein, founder of distressed fund ActivumSG....
...to have a “negative outlook” because of “recent turnover in the direct lending team”....
...IFR reports that Morgan Stanley is currently marketing its Morgan Stanley Direct Lending Fund at the moment — eyeing a pricing next Tuesday — while Nuveen Churchill Direct Lending Corp is likely too list...
...emerging market indices, according to an investor who received the fund’s year end note....
...Most of the people who said there was excess return to be harvested argued, in one form or another, that those returns were functions of frictions in lending markets, frictions private credit funds could...
...While some distressed debt investors have been offloading their bonds, it’s not all doom and gloom....
...Three targeted lending facilities launched in January to allocate as much as Rmb230bn to social housing companies, distressed real estate developers and private companies were not exhausted by the end of...
...The industry then was dominated by high-risk loan tranches and second-lien lending, and many funds mixed junk bonds and distressed loans into portfolios, whereas today the industry is focused on first-lien...
...On private credit, Invesco has focused on bank loans and structured collateralised loan obligations with more recent expansions into distressed credit and direct lending....
...HIG purchased Mobileum with capital from a maiden technology fund that it had launched a few months before the deal....
...Private equity’s biggest names including KKR and Bain Capital are handing over distressed companies to the lending arms of rivals, as they struggle with tough economic conditions....
...Hedge fund Muddy Waters on Wednesday revealed a bet against a publicly listed real estate investment trust managed by private equity giant Blackstone....
...The central bank’s “pledged supplementary lending” programme, a quasi-fiscal facility for cut-price loans used in past stimulus pushes, increased the pace of lending 12 per cent in December....
...This lack of diversification makes it plausible that one or more direct lending funds could suffer significant losses. But here again, such an outcome doesn’t qualify as systemic, in our view....
...Shares began climbing after Central Huijin, an investment arm of China’s sovereign wealth fund, said it would expand its purchases of exchange traded funds....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...That’s in response to private equity’s biggest names including KKR and Bain Capital handing over distressed companies to the lending arms of rivals as higher interest rates, stubborn inflation and supply...
...The fund has $4.9bn in assets under management and mainly focuses on distressed companies in emerging markets....
...Here are three ways to finance the debt relief: First, pony up into the Debt Relief Trust Fund....
...As such, it was a good time for Fortress employees to buy the firm, which specialises in distressed debt and other debt-based investment strategies and has $46bn in assets....
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