June 2019 issue

    Four trends in Asian distressed debt

    Deteriorating covenant quality will put some off investing in Asia, but there are attractive opportunities in the region for those who understand the risks.

    Is there a strong case for litigation funding?

    As investors assess lesser-known assets to meet their investment needs, litigation funders are witnessing a surge of interest. But how appealing are the returns, given the risks in this developing market?

    How Europe’s insolvency and restructuring regimes are evolving

    European Union member states are gradually harmonising their regulatory landscapes.

    Five leading trends in distressed debt and special situations

    The prospect of an economic downturn has stimulated interest in the strategies.

    Patience and persistence in Asia-Pacific

    Johnson Har, head of Hong Kong at Alter Domus, Kevin Williams, head of operations for Asia-Pacific, and Jayesh Peswani, relationship manager for Asia-Pacific, offer their perspective on Asian special situations and how investors can access opportunities onshore and in the broader region.

    Why ‘distress’ does not always equal ‘risk’

    Kartesia Capital founder Jaime Prieto explains where the future opportunities lie for distressed debt and special situations in Europe

    Where the dry powder goes next

    Stuart Mathieson, head of Barings’ Global Special Situations Investments Group in London, and Bryan High, co-portfolio manager for the Global Special Situations strategy in the US, discuss the outlook for distressed debt investing.

    Where to ramp up in a slowdown

    David Forbes-Nixon, co-founder, chairman and chief executive at Alcentra, and Eric Larsson, co-portfolio manager of the special situations team, discuss energy, retail and other opportunities amid economic strain.

    US BDCs to take advantage of revised regulations on leverage

    The country's 10 largest public business development companies have taken different approaches to accessing debt.

    Healthcare under the microscope

    There are many approaches to healthcare debt, ranging from investing in companies with negative cashflow up to profitable mid-market businesses. We lift the lid on four ways to engage with the sector

    ‘There’s an assumption people deserve to be paid a huge amount of money’

    What does alignment of interest really mean and does the key to it lie in the economics? We asked four limited partners in Europe what they think about crucial aspects of private debt fee charging

    Foreign investors are seeing increasing opportunities in China’s credit crisis

    Following a period of loose credit in China, international investors are looking to snap up the wealth NPLs it has generated.

    Brexit has not destroyed prospects for private debt funds targeting the UK

    Political uncertainty has failed to put a dent in Europe's largest private debt market, but this could change the longer Brexit goes unresolved.

    EBITDA on steroids

    The EBITDA addback is one of the most worrying aspects of loan documentation. Market professionals detail how prevalent and potentially damaging it has become.

    The real me: Tim Atkinson

    The principal at Meketa Investment Group speaks about his typical day and passions outside work

    ‘We are finally starting to see a greater number of managers take responsible investment seriously’

    Roy Kuo, the head of the Church Commissioners for England's alternative strategies team, outlines the role of private debt in its investment strategy

    Human underwriters still have the edge over their AI counterparts

    Artificial intelligence is gaining ground, but humans still have their uses in private debt underwriting

    Trend watch

    Insurers flock to private debt, the latest asset manager deal and mid-market strength

    Despite wariness over leveraged loans, there is no need for a clampdown on alternative credit

    As global leveraged loan levels rise, regulators around the world are becoming concerned about a new debt crisis.

    Ahead of the next downturn, those without PANTS will feel distinctly exposed

    People, alternatives, networks, trust and sustainability are the five watchwords for asset managers, says Arbour Partners' James Newsome.