Incisive Views from Professionals
By Simon Kerr, Publisher of Hedge Fund Insight Bfinance the investment consultant* has recently published its Market Trends Quarterly. In the manager search trends the latest quarter has seen a continuation of strong appetite for private markets strategies, even though recent declines in public markets have left investors with heightened exposures to illiquid assets. Indeed, […] Read more »
By Alastair Sewell, Manuel Arrive, and Brian Knudsen of Fitch Ratings Summary Strong Growth, Low Base: Fitch Ratings estimates that open-ended Europe-domiciled loan funds have had strong average annual growth of 50%-60% over the last five years. However, this comes from a low base: Fitch estimates total assets of just EUR40bn across all European open-ended funds at end-June 2016, with […] Read more »
From Fitch Ratings, with additional content from Hedge Fund Insight staff A total of $2 billion of loan defaults in November led by Millennium Health LLC pushes the trailing 12-month (TTM) default rate to 1.7% from 1.5% at the end of October, according to Fitch Ratings. Millennium’s $1.8 billion Chapter 11 filing on Nov. […] Read more »
By Torben Ronberg, Head of Sub-Investment Grade at ECM Asset Management “Comeback” is the right way to describe the CLO market this year (Collateralised Loan Obligations – securitised portfolios of predominantly senior secured leveraged loans). Led by the US CLO market, we have seen global issuance YTD in 2014 of a staggering $101.5bn*. 88.5% […] Read more »
Just like the private equity business, Leveraged Buy Out (LBO) activity is usually subject to a cycle related to that of the stock market with a lag. On top of that in Europe there used to be laid a secular growth in LBO volume, and a long-term trend towards a wider variety of buy-out financing […] Read more »
“The Economist” (19th November 2011 edition) has just written about the market for assets being spat out of European banks. The article is reproduced below. For my part I see the market for leveraged loans in Europe becoming very attractive to buyers who know how to be selective, with, unlike the bank asset story, an […] Read more »