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...Last month UBS agreed to sell an additional $8bn of loans to Atlas SP as part of a renegotiation of the deal that also scrapped an associated investment management arrangement....
...Meanwhile, a non-performing loan is one where the loan is to a partner who has left the SJP partnership, or to a partner that management thinks is at significant risk of leaving and when an orderly settlement...
...Castlelake has taken advantage of recent market turmoil to expand its credit portfolio beyond aircraft leases, buying up billions of dollars of consumer instalment loans from fintech group Upstart....
...He was awarded a CBE in 2017 for “services to the economy”....
...KKR expanded the list in 2023 because Upfield needed to extend the maturities on its debt and the company managed to push out the repayment date for billions of dollars of loans....
...Apollo Management, Ares Management and Coller Capital are among the firms that have gotten into the private-credit ‘secondary market’ investment game....
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...While new Fed proposals to increase bank capital (dubbed the “Basel endgame”) are being recalibrated, further adjustments to liquidity, capital rules and risk management practices are nonetheless likely....
...Leverage — funds borrowing more money to make loans — adds risk, too....
...PBs are one of the main links between traditional banks and shadow banks, offering services like custody, margin loans, derivatives, research and introduction to companies and investors....
...Data shows that this direct lending market now has $800bn of assets under management, compared to about $1.4tn of syndicated loans outstanding....
...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”....
...At the end of December, index funds and ETFs accounted for $6.6tn in assets under management, two-thirds of BlackRock’s $10tn in assets....
...senior loans....
...Goldman Sachs’ asset management arm has bought a stake in private credit specialist Kennedy Lewis Investment Management, as it looks to expand its reach in a fast-growing corner of markets....
...The company’s first fund plans to provide senior loans to mid-sized and large businesses....
...My favourite is Onfido, an identity verification and fraud management platform, which represents 3.3 per cent of the fund’s net asset value....
...Last week, it announced it had made a new loan to executive networking company World 50 and while filings show it was already a lender to the company, a person close to Barings described it as a “net new...
...But, as with all things in financial services, the hand that giveth is the hand that takes away....
...A day after the embattled regional bank received a $1bn lifeline from a consortium of big name investors led by former US Treasury secretary Steven Mnuchin, management spoke of the “beginning of a new chapter...
...On private credit, Invesco has focused on bank loans and structured collateralised loan obligations with more recent expansions into distressed credit and direct lending....
...Take Blue Owl Capital’s recent acquisition of Kuvare Asset Management for $750mn, which eventually could reach $1bn....
...Payment services company Magnati was spun out of First Abu Dhabi Bank and is now majority owned by Canadian private equity giant Brookfield....
...loan markets....
...When private credit firms are willingly put up for sale, it is not unusual for a quarter of that firm’s loan book to be refinanced by rivals....
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