March 2015 Issue

    Eye on Asia: Kaisa and Chinese real estate debt

    Chinese real estate risk is looming large for foreign bondholders. Our regular Asian columnist sees trouble ahead, but also opportunity, and not just for restructuring advisors.

    Backing David against Goliath: Creating China’s future business

    SME lending in China can offer rewards more than commensurate with the risks – as long as you know how to mitigate those. Paul Heffner, managing partner and chief executive officer of Adamas Asset Management, explains how the firm does it.

    The last word: Liaising and lobbying

    Managing director of the Loan Market Association (LMA), Claire Dawson tells PDI’s editor, Rachel McGovern, about the lobby body’s relationship with non-bank lenders and aims for the year ahead.

    Risk without retention: China's shadow banking system

    Chinese shadow banking has a terrible reputation. Cybil Hui-chen Chou writes that the problem in the system is a familiar one, a credit boom combined with poor underwriting and a system of perverse incentives. 

    Termsheet: Brothers in arms

    Most lenders limit their involvement with borrowers to providing credit and exercising their rights to get it back. Anastasia Donde finds a much deeper relationship between security products manufacturer Safariland and its lender, GSO Capital Partners.  

    Kreos Capital: Targeting Growth

    For the last 16 years Kreos Capital has quietly worked away at what it does best, financing high-growth companies in need of cash to fuel rapid expansion. While competitors have come and gone, the firm has gradually grown. The firm’s six partners explain how to Rachel McGovern.

    Origination: Sourcing and sustainability

    With more and more debt funds fishing from the same pond, the catch isn’t quite what it once was. Rachel McGovern learns why origination is the biggest issue facing debt funds in 2015

    Opportunities in CEE: Looking East in the hunt for yield

    Geopolitical tensions in Russia and Ukraine have not been good for companies east of Vienna. But Anna Devine finds that there are signs of renewed vigour in certain parts of Central and Eastern Europe, which could make for some interesting private debt opportunities.