News & Analysis

Germany’s clarified framework for enforcement and recoveries

How the country’s updated auction rules are starting to shape intercreditor dynamics, enforcement strategies and loss-given-default assumptions in deals involving German collateral. By Dagmar Gold of Deutsche Pfandverwertung

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.

Cliffwater, Morgan Stanley cap redemptions as liquidity requests rise

Cliffwater and Morgan Stanley seek to reassure investors over the health of their funds’ portfolios, while JPMorgan limits lending activity to credit funds.

Loan Note: How to accommodate the retail rush; increased capital flows put underwriting in spotlight

Redemptions put spotlight on future of retail capital. Also, concern around underwriting as capital flows increase, and British International Investment backs emerging market impact deal. Here’s today’s brief for our valued subscribers only.

The AI route to improved underwriting

Traditional metrics may be usurped by new technology, a report suggests.

Private credit’s political shadow

The economic troubles of the asset class are causing political problems for the industry as regulators rethink some of their ‘light touch’ promises.

Eagle Point holds $559m final close on third ‘defensive income fund’

Eagle Point’s latest closed fund invests in the debt securities issued by BDCs, credit funds and mortgage REITs.

Cliffwater CIO: Time to reconsider NAV ‘squeezing’ in secondaries

The asset manager’s investment chief cites ‘weird time arbitrage’ that the practice causes for evergreen investors who buy into vehicles at similar points.

Aspen Insurance CIO Aileen Mathieson departs

Her departure from the Bermuda-based speciality insurance firm, which has a $6.9bn investment portfolio, follows its recent takeover by Japanese insurer Sompo.