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Private credit managers should focus on the timeless values that will serve them well despite broader market uncertainty, according to David Golub, president of Golub Capital.
Collateralised loan obligations are growing in popularity across the equity and credit markets, but some areas are gaining more traction than others.
Bank lending to funds is a growing source of concern for regulators.
With borrowers having been put under pressure by rising rates, managers face some tough decisions on whether to sell or stay the course.
Dividend recapitalisations also trend up, but only among higher-rated borrowers.
A plethora of pressures point to challenging times for some parts of the private debt market.
Investor faith in the asset class has been preserved, even through challenging times.
Amid challenging market conditions, smaller businesses have put growth plans on hold. But as things begin to stabilise, capital providers are confident of seeing increased demand.
Amid the back-and-forth on the proposed banking rules, banks seem committed to a complete withdrawal from below investment grade lending.
Lenders are stretching terms amid an overabundance of dry power and too few deals.