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...One pressing issue is Kemble needs to refinance a £190mn loan that is due by the end of April....
...“Providing continuity of client servicing if and when advisers retire and being able to occasionally move client relationships around the partnership is really important to us.”...
...The writer is founder of Fox Legal Training Much ink has been spilled about the degrading quality of investor protections in high-yield bond and leveraged loan agreements, also known as “covenants”....
...Fewer new bad loans led to a rise in competition for servicing contracts. Still, collections from existing assets have disappointed....
...And on its own, Altice France is big enough to have a noticeable impact on the share of CLOs that are in breach of their loan-quality requirements: The effect could spread globally if there are downgrades...
...inflation would reduce the UK government’s overall contribution to zero, based on current projections — although this will probably change as the recent increase in borrowing costs may mean the price of servicing...
...Low interest rates implied that for any given dollar of debt, periodic servicing costs would be manageable, allowing for incrementally higher leverage....
...In 2022, new foreign loans to emerging market sovereigns dropped to their lowest level in a decade....
...The period of cheap money also fuelled a borrowing frenzy, with buyout firms loading businesses up with low-quality debt....
...The UK’s top financial regulator has vowed to improve individuals’ access to suitable loans by standardising how lenders exchange information about previous debt....
...They’re willing to do deals for high-quality credits. You can get a deal done for a double-B senior loan at a 300-350bp spread all day long. That market’s wide open....
...Lloyds, which is seen as a bellwether for the UK economy, indicated that overall credit quality was “stable” and in line with pre-pandemic levels....
...The hard questions from public market investors will be about earnings quality....
...Kemble needs to refinance a £190mn loan that is due for repayment by the end of April....
...And while demand for high quality properties remains high, the outlook for low quality buildings is grim....
...The group has also been selling assets to help reduce its $60bn debt pile, as rising interest rates push up the cost of servicing its debts....
...Some employers are attempting to ease the financial burden on long-distance commuters beyond allowing them to work part of the week from home and offering rail season ticket loans....
...Even in high-quality CRE, there will be assets that, once they have to restrike their loan, won’t be able to cover cash flow....
...We continue to favour high-quality sovereign debt, including US Treasuries....
...Assets under management, including asset servicing and wealth management, rose 10 per cent year-over-year to about $1.3tn....
...Third, the quality of finance matters....
...At best, this casts serious doubt on the idea that anyone can measure a BDC’s quality by the performance of its loan book....
...The UN reports that nearly half of the world’s people live in a nation that spends more on servicing foreign debt than it does on healthcare....
...The rise in interest costs has hit most sponsor-backed companies, but has had the greatest impact on lower-quality borrowers by eating away at the cash flows they use to service debts....
...But falling office values have generally been exacerbated by a rental slump as tenants shun older, lower quality office buildings....
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