Blackstone Mortgage Trust bounces back in second quarter
The private equity megalith's mortgage trust made a second-quarter net income of over $17.5 million and $85.2 million in core earnings.
Private equity
Wall Street puts guardrails on LBO deals after crisis markdowns
The leveraged loan market, long favored by private equity firms to fund LBOs, has lagged. The largest buyers of the debt – vehicles known as collateralized loan obligations – are not purchasing as much as they used to as they deal with the wave of downgrades that has hit many of the companies they already hold.
Loaded with cash, real estate buyers wait for sellers to crack
Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.
Apollo, employees face $1 billion in clawbacks on rout
Apollo Global Management Inc. faces the prospect of having to hand back earlier profits from several of its funds as its holdings were hit hard by the economic fallout from the coronavirus pandemic.
Private debt competition is thinning, Adams Street says
Competition is starting to ease in the $812 billion private credit market as the disruption caused by the coronavirus pandemic forces some lenders to tend to problems in their own portfolios.
Regulators extend comment deadline for Volcker Rule changes
The agencies will give the industry another month to submit feedback on the so-called covered fund portion of the rule "in light of potential disruptions resulting from the coronavirus.”
Institutional investors give thumbs down to federal response on outbreak
A large percentage of Institutional investors lack confidence in the U.S. government’s ability to contain and eradicate the coronavirus outbreak. But few have plans to pull capital out of specific geographic regions due to the pandemic.
By
Glen Fest
Private-debt funds seeking $212 billion in limbo after rout
Over the last two weeks, at least half a dozen lenders to mid-size businesses actively fundraising in North America and Europe have canceled appointments or travel plans to meet with prospective investors due to the continuing spread of the coronavirus.
Terry Wakefield, mortgage tech adviser and MBS pioneer, dies at 70
Terry Wakefield, a technology consultant who helped launch Fannie Mae's mortgage-backed securities business and form Prudential Home Mortgage, has died. He was 70.
Regulators propose Volcker Rule changes to allow VC stakes
In another rollback of the bank trading ban, the federal agencies unveiled a plan to allow financial institutions to invest in multiple companies through certain fund structures.
Agencies to propose ‘covered funds’ revamp in Volcker Rule
Regulators already finalized a rollback of the proprietary trading ban section of the rule but signaled then that their overhaul was not finished.
By
Joe Adler
Private lending marches in
Apollo and Blackstone are displacing Wall Street amid a growing shift to large-scale direct lending.
Serta firmly disputes downgrade action by S&P
The company asserted in the statement that S&P’s action was driven more by the distressed trading levels of Serta’s loans in the secondary market rather than the company’s “financially solvent” status.
By
Glen Fest
Private equity takes a breather from investing in banks
PE firms have made investments in only seven banks in 2019, compared with 21 last year. Here's what's driving the slowdown.
JPMorgan Asset Management expanding footprint in private debt
JPMorgan Chase & Co.’s asset management arm is extending a push into the $787 billion private credit market as cash pours into the asset class from yield-hungry investors.
Regulators aren’t done rolling back Volcker Rule
The agencies handed banks a significant victory when they finalized revisions to the Dodd-Frank proprietary trading ban, but officials also plan to re-propose changes to the “covered funds” section of the rule.
Proskauer sees dry powder helping restructurings
Peter Antoszyk and David Hillman, co-heads of Proskauer Rose LLP’s private credit restructuring group, think the dry powder that investors have access to will help ease restructurings.
Carlyle taps Popov to launch credit opportunity funds business
Popov comes to Carlyle with 20 years of private equity experience backing non-investment grade firms
By
Glen Fest