Is the Italy-Focused Private Debt Industry Set for Growth? The Italy-focused private debt market remains in its infancy – only 13 funds focused on the country have closed since 2004 raising a total €2.6bn – however recent legislative changes announced by Italian Prime Minister, Matteo Renzi, may be about to accelerate growth in the country….
The Bank of England’s (BoE) revamped quantitative easing (QE) program hit an early snag last week when the central bank failed to source enough gilts on just the second day of purchases. This early setback has caused some to question the impact of the bank’s actions on the corporate bond market, and whether the bank…
HY E&P Trailing 12-month default rate surpasses 31% There was $5.2 billion of U.S. high yield bond default volume in July, pushing the trailing 12-month (TTM) rate to 5.1% from 4.9% at the end of June, according to Fitch Ratings. Halcon Resources Corp.’s long-awaited bankruptcy comprised… Subscribe to Read MoreAlready a member? Log in here...
Private Debt Investors Target Europe Despite recent lacklustre fundraising activity, the private debt industry continues to attract investors, due to the uncorrelated returns and regular income stream offered by the asset class. Ninety-four percent of private debt investors expect the size of the industry to increase over the next five years, with over a quarter…
What does PE’s capital overhang portend? Through the end of 2015, the private equity industry in North America and Europe had an overhang of no less than $749.4 billion. A plurality of that is concentrated in funds of the 2015 vintage, with a majority—55%—in funds closed in the past two years (funds return data is…
Spanish engineering firms with exposure in Latin America may not be the most heavily traded segment of the credit markets, but they are certainly proving the most vulnerable. Isolux followed its counterpart Abengoa into default by announcing that it had won credit approval for a €2bn debt restructuring on July 28, and a bankruptcy credit…
Fed Survey: 10% of banks reported tightening terms The majority of banks surveyed reported little change in the last three months with only one domestic bank reporting easing terms to larger firms, according to the latest Federal Reserve Senior Loan Officer Opinion Survey. This is down from 13%… Subscribe to Read MoreAlready a member? Log
PE Buyers Are Still Not Taking Public Cos. Private Through the end of June, financial sponsors accounted for only 23% of all take-privates in North America and Europe. This isn’t necessarily a result of the overall incidence of take-privates… Subscribe to Read MoreAlready a member? Log in here...
North America-Focused Fundraising Falls Sharply in 2016 North America has long been the epicentre of the private debt market, with the largest proportion of fund managers and investors based in the region, and by far the largest proportion of capital raised being focused on investment opportunities there. This reflects the size… Subscribe to Read MoreAlready
The Bank of England doesn’t often follow the ECB. During the financial crisis and its aftermath, the Bank was relatively quick to cut interest rates and implement QE. The ECB was still hiking rates in July 2008, and didn’t start QE until 2015. But the eurozone’s central bank could lay claim to beating its UK…