PDI Staff Writer
Our cover story puts default rates under the microscope. Plus: impact high on LPs' priority list; and a new report indicating a strong year for the broadly syndicated loan market.
PGIM acquires buy-now-pay-later portfolio. Plus: Pemberton teams up with Santander to launch supply chain solutions provider; and Triton fund will target firms facing short-term difficulties.
The collateralised loan obligation comeback – but rising defaults cast a cloud. Plus: LPs positive about private debt allocations; and Hayfin sets up a new base in Chicago.
Contrary to some assumptions, NAV financing is not all about private equity buyouts. Matt Hansford, head of Europe, portfolio finance at Barings, examines the broad and less known opportunity set.
NAV lending is a useful addition to investors’ toolkits, say Andrew Bellis and Patrick Lee of Partners Group.
Inside: Why headline default rates may be just the tip of the iceberg; The PDI 200 – our ranking of the top 200 fund managers; Special reports on sustainability and impact investing, and fund finance; Plus much more…
Today’s market is characterised by optimisation by banks of their balance sheets in the face of changing capital and provisioning rules, with private credit stepping in to fill the gap, says Toni McDermott, credit and lending CIO at Arrow Global.
The Private Debt Investor BDC ranking looks at the biggest managers of business development companies in North America, with rankings for both public and private BDCs.
Greater specialisation will lead to an enhanced toolkit for operators in the market over the next five years, say Kate Sinclair and Katie McMenamin, partners in the fund finance group in Simpson Thacher & Bartlett’s London office.
Devi Aurora, managing director for financial institutions and alternative funds at S&P Global Ratings, provides insights into how the rating agency assesses NAV loans and subscription line facilities.