November 2015 Issue


    Month: November
    Year: 2015

    Back to Print Editions

    A record-breaking year for private debt

    Lawyers working on fund formation are having a busy 12 months compared with 2014 as fundraising for private debt strategies looks set to reach a new high.

    An alternative route into Asia

    Asian institutional investors are increasingly warming to the idea private debt. Could this drive growth in alternative credit within the region?

    Opportunity knocks in the East

    Shoreline Capital is one of just a few investors in China specialising in NPLs. Co-founder Benjamin Fanger talks to Anna Devine about changes in the region and the firm’s oversubscribed third fund

    PDI Forum: Searching for strategy

    It was clear at this year’s conference that many LPs and their consultants are keen on giving private debt space in their portfolios, despite concerns about the impact of broader market turmoil.

    Private debt investment advisors: The gatekeepers

    Some of the industry's leading figures give their opinions on private debt strategies.

    Mud sticks to Eagle’s wings

    Cerberus is attempting to stay above the fray as the controversy over alleged misdirected fees related to the sale of £4.5bn in Irish bad loans deepens. Rachel McGovern reports

    Oppenheimer & Apollo: New horizon

    If even a tiny percentage of fixed-income investment switched into private credit, the impact on the market would be huge. Rachel McGovern examines one fund that has taken the plunge

    Unitranche 2.0: A global (r)evolution

    Unitranche structures are on the rise in both US and European debt financings and everyone seems to be talking about it, but are they all saying the same thing? Not necessarily, argue Proskauer partners Bill Brady and Faisal Ramzan

    The legal evolution of special sits lending

    Cross-border leveraged loan documentation has become increasingly permissive with respect to third party debt, in some respects similar to high yield bonds, thus offering some previously unconsidered opportunities for specialist debt funds and special situations lenders, writes Latham & Watkins partner James Chesterman

    New regulation creates opportunities in US CLO market

    CIFC Asset Management began investing in the equity of their collateralised loan obligations with the issuance of their first CLO in 2006. In the aftermath of the financial crisis, the company focused on investing in the secondary market for CLO debt and equity. CIFC co-president Oliver Wriedt discusses the current investment opportunity in the CLO market against the backdrop of impending implementation of US risk retention rules

    Market equilibrium – CLOs and leveraged loans

    The dynamic between falling leveraged loan volumes and reduced CLO issuance is more complex than the simple correlation would suggest, writes Rachel McGovern