February 2014 Issue

    Small market, big problems

    Structuring a $5.59m loan package for the construction of a hotel in San Angelo, Texas proved considerably more difficult than its participants anticipated. Sam Sutton examines why.

    ESG and the thorny issue of pay

    Syntaxis Capital’s ESG consultant and former LP Rupert Coull, argues that for a true alignment of interests to exist between LP and GP, the latter should rely more on carry and take home a smaller base salary.

    THE LAST WORD

    David Waxman, managing director at advisory group Azla Advisors, talks to Oliver Smiddy about changing attitudes to private debt and how that will be felt in the fundraising market.

    The need for transparency

    Despite investor appetite existing, the UK alternative funding market remains in its infancy. Taron Wade and Alexandra Krief, analysts at Standard & Poor’s Rating Services, explain the barriers to its development and explore what can be done.

    Negotiating the taper

    The Federal Reserve’s decision to taper its quantitative easing programme will remove downward pressure on interest rates, which have remained at historic lows for half a decade. Sam Sutton explores how MassPRIM is planning ahead.

    Partners, or rivals?

    The partnership between BlueBay and Barclays last month shows banks are starting to take notice of alternative lenders, writes Oliver Smiddy.

    China: another look

    The impending default of a Chinese ‘shadow banking’ product could spell disaster for the country’s economy, our Asian correspondent believes.

    The value of analysing high-yield bond covenants

    In an excerpt from PEI’s forthcoming title ‘Understanding High Yield Bonds’ ICG’s Garland Hansmann and David Ford argue that the devil is in the detail.

    Where the wall went

    The wall of maturities that had been poised to disrupt the global economy is no longer an obstacle. But with many companies still merrily amending and extending, another wall could be just around the corner, writes Sam Sutton.

    Capital Talk – Big in Europe

    Three of CVC Credit Partners’ senior team – Marc Boughton, Steve Hickey and Tom Newberry – sat down with Oliver Smiddy to explain why the firm is well-placed to capitalise on the changing face of Europe’s debt markets.