September 2013 Issue

    Month: September
    Year: 2013

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    The PDI 30

    Welcome to Private Debt Investor’s first annual ranking of private debt managers.

    Senior secured loans – a core asset class in institutional portfolios

    Senior secured bank loans are becoming an ever more popular asset class amongst institutional investors. Babson Capital Europe’s Neil Godfrey explains why.

    Asset-based lending: Alternative financing for a changing European market

    In an excerpt from PEI’s forthcoming title The Refinancing Guide GE Capital’s James Simeons and Adam Johnson discuss asset-based lending in Europe.

    Capitalising on Canada’s mid-market

    The investment grade private debt market is an attractive asset class for investors seeking a safe and reliable yield pick-up for their fixed income portfolios, as Integrated Private Debt Corp’s Donald Bangay explains.

    Funding corporate growth

    Despite the fact private lending has been a part of the Asian market for centuries, new entrants have a steep learning curve, according to Warren Allderige, chief executive of Pacific Harbor Group.

    Capital commitment-backed subscription line credit facilities

    A subscription line is a useful cash management tool that provides benefits to both fund managers and their investors, write Thomas Rao and David Wasserman.  

    Offshoring bond issuance

    Issuing bonds via an offshore vehicle provides a number of appealing advantages, according to Jersey-based law firm Ogier’s Paul Burton.

    A growing swell

    With leveraged loan issuance increasing, sponsors are limbering up for refinancings and repricings.

    Natural tailwinds?

    The Massachusetts Pension Reserves Investment Board is a long-time investor in private credit and private debt strategies. Senior investment officer Michael Bailey took a few minutes to tell us how he sees the $54.4 billion retirement system’s portfolio developing.

    Non-performing China

    Private capital can provide a solution to China’s non-performing loan crisis, but only if the mooted platform used to trade such loans is properly thought through, argues PDI’s new regular Asian columnist, a current industry practitioner writing anonymously.

    Toiling with Terreal

    Restructurings in France are seldom easy, but Park Square and ING managed to achieve consensus amongst fellow lenders, shareholders and management when they helped to restructure tile-manufacturer Terreal this summer. 

    Bringing up Basel

    The Federal Reserve has at long last finalised regulations pertaining to Basel III. But what does it mean for non-traditional lenders?

    The smiley face of Capitalism

    Park Square Capital has built its business over the last nine years on the principle that to be an effective lender, relationships with sponsors and traditional lenders are the key to success. Oliver Smiddy interviews one of the firm’s co-founders, Robin Doumar, to find out why it pays to be approachable.