April 2018 issue


    Month: April
    Year: 2018
    Issue: 52

    Back to Print Editions

    No let-up for the CLO boom

    Francoise Devenoges is a portfolio manager at Man GLG, the discretionary investment management business of Man Group, where she is responsible for co-managing and developing the European CLO platform. She discusses her views on the state of Europe’s CLO market

    More growth yet to come

    A recent survey finds LPs bullish about private debt’s ability to fend off banking competition and the effects of interest-rate rises. Paul Lawrence of Intertrust reports

    How investors can identify the best of the bunch

    With fund managers citing loose deal structures – while pointing the finger elsewhere – what steps can LPs take to confidently assess the winners and losers? Raelan Lambert of Pavilion Alternatives Group provides some key tips

    The banking fortress

    If the global narrative is bank retrenchment advancing the cause of private debt, nobody told Canada, reports Andrew Hedlund

    Guess who’s back?

    As investor appetite for securitisation grows, commercial real estate CLOs – rarely seen since the Crisis – are back in fashion. Irwin Speizer explores the implications

    Stepping into the gap

    The sponsorless market is growing, but demands a level of engagement with borrowers that has traditionally been the preserve of private equity sponsors. Jon Herbert of Beechbrook Capital explores the opportunities and challenges

    Diversify or die

    Most parts of the UK private debt market have not yet been badly hit by Brexit, but caution about its prospects may encourage the creation of more rounded portfolios. By Andy Thomson

    Korean insurers eye special treatment

    Infrastructure debt has become a popular choice among less risky alternative assets as more incentives are offered for qualified offshore financing. Adalla Kim reports

    In the pipeline

    The infrastructure debt fund market has grown significantly since the Crisis, but where are players finding opportunity? Vicky Meek investigates

    Stick or twist

    At a late stage in the credit cycle, LPs have a choice of playing it safe or taking on board extra risk in the hope of higher returns. David Turner explores the different approaches

    Distress means hard work, not miracles

    Distressed debt investing is flavour of the month, but requires deep sourcing and operational expertise. Does everyone have that, Andy Thomson asks

    First to the Finnish

    Certior Capital, the Helsinki-based investor, is a leading backer of first-time funds.

    Spare a thought for small business

    In many parts of the UK private debt market Brexit negotiations are causing little alarm, but there is scant focus on where the biggest problem lies.

    Don’t expect a bank comeback

    Panellists at our fifth anniversary celebration advised not to expect a loosening of regulation to unleash fierce competition from the banks. Andy Thomson reports

    Senior or unitranche: it’s PE firms’ pick

    If a dozen private equity firms are vying for a given widget maker in an auction process, chances are there are a dozen different opinions about what an optimal capital structure and financing package might look like. Given that backdrop, direct lenders have a better shot at winning deals with a suite of debt products, says Twin Brook Capital Partners partner Rich Christensen

    The great balancing act

    Investor allocations are shifting towards senior debt as a strategic risk management tool. But LPs could be getting more risk than they bargained for, finds John Bakie

    A hangover energy can’t get rid of

    Since commodity markets tanked in 2014, some oil and gas exploration and production companies are faring better, but some still have debt-burdened balance sheets.