Military tension with Turkey has sent Russia’s CDS spread wider this morning but Russia’s apparent rapprochement with the west has seen investors treat Russian bonds in a much brighter light. After spending the first three months of the year in purgatory due to the continuing fighting in East… Subscribe to Read MoreAlready a member? Log
Loan mutual fund & ETF assets under management (AUM) finished October at $127 billion, their lowest level since June 2013, as investors continued to pull money from these funds and loan prices shifted lower. Loan funds AUM is down over 10% this year, and is now 27% off the record high of $174 billion set…
Canadian Deal Flow Strong, Bolstered by Investor Interest in Middle Market Canadian private equity activity has remained heightened throughout 2015, driven by strong numbers from the main hubs of investment, Ontario and British Columbia. Through 3Q 2015, 238 transactions worth C$37.3 billion have been… Subscribe to Read MoreAlready a member? Log in here...
Emerging market credit has had a volatile second half (H2) in 2015. Falling commodity prices, slowing global trade and a strong US dollar have all impacted credit risk, nowhere more than in the Asean region. 5-yr CDS spreads, which measure implied credit risk, rose steadily in August and September with… Subscribe to Read MoreAlready a
U.S. CLO assets under management (AUM) have edged higher recently to $417 billion, while European CLOs are at €65 billion. The climb in U.S. CLO AUM this year allied with the relatively stable size of the institutional loan market has pushed the CLO share of the market up six… Subscribe to Read MoreAlready a member?
U.S. Interest in Canada Remains Strong For the fifth straight year in a row, the number of unique U.S. private equity firms active in Canada has exceeded domestic firms by a considerable margin, with a disparity of 33 through the end of September 2015. Although unlikely to surpass the height of 2013, the number of…
This week Goldman Sachs announced the closure of its dedicated Bric (Brazil, Russia, China and India) fund after nearly ten years. The move signalled the end of the Bric era, as this year saw recessions plague Russia and Brazil while growth in China stalled. India, however, has remained a bright spot, and the… Subscribe to
U.S. Private Equity’s Overhang Remains Significant At times nowadays, U.S. private equity firms look like they may well become victims of their own success. The top tier of investors has been able to outperform public markets to such an extent that they are still attracting plenty of capital commitments from numerous limited partners…. Subscribe to
For the first time since late 2011, the net percentage of domestic banks reporting tightening terms over the past three months turned positive. Specifically, 8.8% of domestic banks reported tightening credit standards for approving applications for C&I loans or credit lines other than those used to finance mergers… Subscribe to Read MoreAlready a member? Log
It is a truism that the finances of countries, as well as companies, feel the impact from declining commodity prices. This can be good for energy importing nations, and the positive effect on consumption can boost economic growth. But for commodity exporters it is obviously detrimental. A prime example is Kazakhstan…. Subscribe to Read MoreAlready