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Deep Dive

Revealing the process we undertook to decide what qualifies for inclusion.
The coronavirus crisis may not be as bountiful for Europe’s NPL investors as the GFC, but it will offer select opportunities.
For the decade or so that followed the GFC, private debt funds were able take advantage of bank retrenchment from corporate lending with little to hinder their progress. But with covid-19 taking a toll on some industries, have things finally taken a turn for the worse?
Low interest rates and policy interventions may translate into a slower but longer distressed cycle than has been seen in past crises. We examine the implications for fund managers and investors.
The fund manager is seeking to hold large loans and then wait for the syndication market to recover before selling them.
After a quiet start to the year in private debt fundraising, dislocation strategies have burst on to the scene with their promise of high returns amid the covid-19 turmoil. But without the resources to do proper due diligence, have investors had their heads turned?
The second quarter will be a crucial reporting period for business development companies, which target their capital at the US economic heartland of SMEs.
Many investors have come to private debt from fixed income and are conservative on risk/return. We examine those with bold takes on portfolio construction. Royal Mail is at the forefront.
Private equity firms and their lawyers argue that loosening the restricted payments covenant is necessary to ensure their interests match those of the borrower by keeping the sponsored company in financial good health. But it’s a controversial development, finds David Turner
The message from CLO investors is ‘come on in, the water’s lovely’ and, for the time being, this may hold true. But concerns about downgrades and lower-rated paper are growing. Irwin Speizer explores the threats

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