Hints and tips:
...Loans will be transferred into a special purpose vehicle, allowing securities backed by these assets to be issued to funders and investors....
...Blackstone merged its credit and insurance investment operations in September in preparation for a push into asset-backed lending markets, Gray and co-founder Stephen Schwarzman have told shareholders....
...We’ve talked about TRAs before, most notably in the buyout of Sculptor Asset Management last year....
...So the company created a subsidiary called “Cayman Sub”, which then borrowed $200mn to help pay down asset-backed loans....
...PacWest has now sold loans backed by various “accounts receivable” weeks after flogging a multibillion-dollar portfolio of construction loans. It wants to focus on being a “community bank”....
...Other deals, such as KKR’s agreement last week to purchase up to €40bn of consumer loans originated by PayPal, have more closely resembled traditional asset-backed securities....
...General Catalyst, which manages more than $8bn in assets, declined to comment on the filings....
...Investors including Abu Dhabi’s International Holding Company and London-listed Jupiter Asset Management still backed an eventually cancelled share sale by the group, while star stockpicker Rajiv Jain of...
...Smart reads Tax-receivable tiff Court cases allege that private equity giants used obscure tax deals to enrich executives at shareholders’ expense, The Wall Street Journal reports....
...In both cases, the holder on record as of the date of the original failure to pay will hold a receivable from Treasury associated with the missed payment, and this receivable that cannot be transferred....
...Subsequently it has said every token is backed by dollar assets....
...The outstanding receivable has, quite literally, transformed SoftBank’s chief from an asset into a liability....
...“For the first quarter 2022 results, the post-tax impact from impairment of non-current assets and additional charges (e.g. writedowns of receivable, expected credit losses, and onerous contracts) relating...
...Credit Suisse said: “The loan is secured against cash and receivables.”...
...-based “buy now, pay later” lender, delayed a proposed asset-backed securities sale on Friday after a good portion of it had already been sold to money managers....
...Greensill’s unravelling drew scrutiny of the validity of invoices related to GFG that backed the loans....
...She describes the pricing of consumer ABS — backed by auto loans, credit card receivable, personal loans, and so on — as stable to the point of being range bound in recent weeks....
...It would take only a 3 per cent fall in the value of tangible assets, or a 5.9 per cent fall in the value of receivables, to wipe out its tangible capital base of $9.9bn....
...These include $440m from Katerra, a bankrupt SoftBank-backed US construction group, and $1.2bn from UK industrialist Sanjeev Gupta....
...equivalents and other assets and receivables....
...currency” to “receivables from loans made by tether to third parties”....
...as future receivables”....
...These included receivables-backed notes linked to Gupta’s metals empire, with a document seen by the FT showing that the bank had exposure linked to his Liberty Commodities business....
...Greensill Bank said it had received “extensive advice” from German and UK law firms about classifying receivable assets, and auditors had reviewed and approved the classification....
...“This is a problem not only for the investors in receivables or receivable-backed assets linked to GFG entities, but also for [Greensill Capital] itself,” he said....
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