Research

KBRA: A Medallia default would cause widespread, but not catastrophic effects

If the customer/employee management platform defaults, more than $5bn of equity value would be at risk of being erased, report says.

CPP Investments unloads European non-performing loan portfolio

Net proceeds near C$1bn to be redeployed as the market for NPL portfolios changes.

Woes continue at FS KKR: Enhancement actions announced

JPMorgan cuts exposure to the publicly traded BDC after downgrades and stock price dive.

Apollo beats target on a hybrid fund with $6.5bn close

The strategy that sits between debt and equity is seeing increasing demand from investors.

War’s disruption does not cure contract breach: Wasel & Wasel

The law firm has cited a Dubai case that arose out of Sudanese civil war that may assist financiers of projects around the wartime Persian Gulf today.

Apollo credit funds moving towards monthly NAV reports

Executive outlines an approach to investor jitters involving real-time marks and, beyond that, the use of third-party valuations/modeling.

Conflict of interest concern: Valuation of a loan by the borrower

Valuations of Blue Owl’s BDC’s portfolio provided by Kroll have raised concern given Kroll’s close connection to Deerfield, a borrower from those BDCs.

Fitch: Default events in January double last year’s average

There were 11 private credit defaults in January and 89 in the trailing 12-month period.