Hints and tips:
...In today’s newsletter: DD chats with Silver Lake’s Egon Durban Private credit pounces on loan deals Silver Lake prepares for big ‘all-in’ bets US private equity group Silver Lake is up to big things....
...Separately Teddy Desloge has been named chief financial officer of Blackstone’s secured lending fund among other new appointments....
...But he does think investors such as Apollo could be a better home for its lending activities. Blackstone, KKR, Ares Management and Carlyle Group are also examining SVB’s loans portfolios....
...Thoma Bravo had taken the company private with Silver Lake for $4.5bn in 2016 and relisted it in 2018....
...Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . . Exponent Founders Capital I, LP . . . SH Fund, LP . . . Curated [chef recommends] . . . Race Capital II, LP . . ....
...It swapped existing AMC bonds for equity and received shares for lending the company $100m with its overall haul of close to $200m, according to a person with knowledge of the fund’s performance....
...IBA also operates benchmarks for the Libor lending rate, swap rates and gold and silver prices....
...(New York Times) Loan sharks A controversial lending deal by Oaktree Capital Management has highlighted a conundrum facing leveraged loan managers....
...They’ve known each other for some time, have properties in close proximity in Hawaii and both count Silver Lake’s Egon Durban as a friend....
...That offer came soon after SoFi raised $500m in a fundraising round led by Silver Lake, which valued it at more than $4bn....
...Chinese banks were warned by regulators against lending to Wanda last summer — a move that prompted the property-to-media conglomerate to embark on a deleveraging drive....
...That was more than double the total of the next three most active issuers — Prosper, Lending Club and Avant — put together....
...Renaud Laplanche, founder and former chief executive of Lending Club, stood down last May after a governance scandal....
...The Libor scandal has led to around $9bn of fines on banks for the manipulation of benchmarks widely used in the interbank lending and derivatives markets....
...China restored calm only with a big stimulus programme to aid lending Unwinding QE?...
...Banks that provide financing to private equity managers have been discouraged from lending more than six times the underlying earnings before interest, taxes, depreciations and amortisation of a target company...
...More than half of Prosper’s 170 job cuts last May came in Salt Lake City, where the company was trying to crack the elective-surgery loan market....
...Silver Lake and Warburg acquired IDC in 2010 in a buyout that gave the company an enterprise value of $3.4bn....
...That move aligns it with Goldman, which has been building up back-office operations in Salt Lake City and Dallas, as well as Warsaw, Bangalore and Singapore....
...Investment bank KBW estimates that total BDC lending, at about $65bn, only accounts for a quarter of middle market lending in the US....
...Meanwhile plentiful trading volumes, deep markets for derivatives such as futures and swaps, and active stock lending programmes tend to be the first things index managers look for....
...It will fan speculation that Prosper is preparing to follow the industry’s biggest player, Lending Club, in listing its shares in New York....
...Marianne Lake, chief financial officer, told a Goldman Sachs conference that that was not Plan A. “We would clearly like to be able to reduce the surcharge,” she said....
...The jump is natural: the Fed still offers banks free money, and they can now charge more for lending it for a few years....
...“Simply lending money to companies that issue more and more debt is not an obvious starting point for an investment strategy in the fixed-income market,” he says....
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