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noch vom Juni aus dem WSJ:
5.6.
Payment Problems Rise in Fast-Growing Private-Debt Market; Default rates rise sharply for loans popular with heavily indebted private-equity-backed companies
8:55 am ET June 5, 2020 (Dow Jones) Editor's Picks Print
By Paul J. Davies
Debt-repayment problems are increasing among borrowers in the rapidly growing market for private credit, where specialist funds make loans directly to smaller companies often without banks involved.
Data on the performance of such loans are hard to come by because they are arranged privately and usually only held by a single fund, or a small club of lenders. But U.S. law firm Proskauer Rose LLP , which has been tracking deals it helped arrange over recent years, said defaults jumped at the end of the first quarter of this year as the Covid-19 pandemic prompted widespread economic shutdowns.
Default rates for such loans in the U.S. hit 5.9% at the end of the quarter, according to Proskauer, after less than a month of the economic restrictions brought on by Covid-19.
"For weaker companies it kind of tipped them over the edge," said Peter Antoszyk, co-head of Proskauer's private-credit restructuring group.
Loans in the private-credit market have become a popular tool for private-equity firms to pile debt on companies they own. Borrowers tend to be smaller companies than in the better-known leveraged-loan market, which has also seen rapid growth in recent years. Popular sectors include health care, software and retail.
Total assets under management in private-debt and direct-lending funds had grown to more than $740 billion by the end of September last year from about $125 billion in 2006, according to Preqin, a research firm.
Investors—which include hedge funds, pension funds, insurance companies, private family offices and specialist debt funds—have been encouraged into private credit and the larger leveraged loan markets by a hunt for higher yields. They became more popular after the last financial crisis when banks stepped back from some riskier lending.
Investors and analysts expect default rates in leveraged loan and private-credit markets to rise sharply over coming months. Andrew Jackson , head of fixed-income investing at Federated Hermes, expects default rates to rise above 10% for both kinds of higher-risk loan. "The question is not will we get there, but how long will we stay in that territory?" he said.
Funds dedicated to private debt and direct lending raise capital commitments from investors and put the money to work over time, like private-equity funds. The market also includes listed business development companies .
Share prices of large BDCs such as FS KKR Capital Corp . and BlackRock Capital Investment Corp . tumbled in March and April but have recovered some of those losses since. In its first-quarter conference call, FS KKR Capital said its portfolio had lost nearly 11% in value in the first quarter, though only 1.8 percentage points of that was realized losses. Its biggest loss was $54 million on loans to Art Van Furniture , which filed for bankruptcy in early March with plans to close most of its 169 stores.
Defaults among private borrowers roughly doubled in the first quarter from the final quarter of last year, Mr. Antoszyk said, although Proskauer hasn't published its figures previously. The firm arranges loans for companies with earnings before interest, taxes, depreciation and amortization of between $10 million and $250 million. There are nearly 600 outstanding loans that constitute Proskauer's index, worth $95 billion.
Default rates were higher among smaller companies, Mr. Antoszyk said. Among companies with Ebitda greater than $50 million, the default rate was 4.4%; of those with less than $25 million, the rate was 7%.
This is partly because loans to smaller companies include stronger protections for lenders, known as covenants. Larger loans in the private-debt market have increasingly adopted the looser, covenant-lite standards that reduce the ability of lenders to ask the company to make changes when its business deteriorates.
Traditionally, lenders to small and medium-size companies in general have much more influence over their management, which has helped make the process toward default slower while ensuring a higher level of recoveries when borrowers do default, Mr. Jackson said.
"We could see worse recoveries this time around," he added. "Direct lenders can't always get in to talk to companies about restructuring because covenant lite loans have become so prevalent."
Private-debt funds have a lot of uninvested capital—known as dry powder—coming into this crisis. This might allow them to be more flexible and financially more supportive of companies in trouble.
"I think a lot of these workouts will occur in the conference room rather than the courtroom," Mr. Antoszyk said.
Write to Paul J. Davies at paul.davies@wsj.com
https://www.wsj.com/articles/payment-problems-rise-in-fast-g…
07/01/20
BlackRock Capital Investment Corporation to Report Second Quarter 2020 Earnings on July 29, 2020 -- https://www.blackrockbkcc.com/news-releases/news-release-det…
5.6.
Payment Problems Rise in Fast-Growing Private-Debt Market; Default rates rise sharply for loans popular with heavily indebted private-equity-backed companies
8:55 am ET June 5, 2020 (Dow Jones) Editor's Picks Print
By Paul J. Davies
Debt-repayment problems are increasing among borrowers in the rapidly growing market for private credit, where specialist funds make loans directly to smaller companies often without banks involved.
Data on the performance of such loans are hard to come by because they are arranged privately and usually only held by a single fund, or a small club of lenders. But U.S. law firm Proskauer Rose LLP , which has been tracking deals it helped arrange over recent years, said defaults jumped at the end of the first quarter of this year as the Covid-19 pandemic prompted widespread economic shutdowns.
Default rates for such loans in the U.S. hit 5.9% at the end of the quarter, according to Proskauer, after less than a month of the economic restrictions brought on by Covid-19.
"For weaker companies it kind of tipped them over the edge," said Peter Antoszyk, co-head of Proskauer's private-credit restructuring group.
Loans in the private-credit market have become a popular tool for private-equity firms to pile debt on companies they own. Borrowers tend to be smaller companies than in the better-known leveraged-loan market, which has also seen rapid growth in recent years. Popular sectors include health care, software and retail.
Total assets under management in private-debt and direct-lending funds had grown to more than $740 billion by the end of September last year from about $125 billion in 2006, according to Preqin, a research firm.
Investors—which include hedge funds, pension funds, insurance companies, private family offices and specialist debt funds—have been encouraged into private credit and the larger leveraged loan markets by a hunt for higher yields. They became more popular after the last financial crisis when banks stepped back from some riskier lending.
Investors and analysts expect default rates in leveraged loan and private-credit markets to rise sharply over coming months. Andrew Jackson , head of fixed-income investing at Federated Hermes, expects default rates to rise above 10% for both kinds of higher-risk loan. "The question is not will we get there, but how long will we stay in that territory?" he said.
Funds dedicated to private debt and direct lending raise capital commitments from investors and put the money to work over time, like private-equity funds. The market also includes listed business development companies .
Share prices of large BDCs such as FS KKR Capital Corp . and BlackRock Capital Investment Corp . tumbled in March and April but have recovered some of those losses since. In its first-quarter conference call, FS KKR Capital said its portfolio had lost nearly 11% in value in the first quarter, though only 1.8 percentage points of that was realized losses. Its biggest loss was $54 million on loans to Art Van Furniture , which filed for bankruptcy in early March with plans to close most of its 169 stores.
Defaults among private borrowers roughly doubled in the first quarter from the final quarter of last year, Mr. Antoszyk said, although Proskauer hasn't published its figures previously. The firm arranges loans for companies with earnings before interest, taxes, depreciation and amortization of between $10 million and $250 million. There are nearly 600 outstanding loans that constitute Proskauer's index, worth $95 billion.
Default rates were higher among smaller companies, Mr. Antoszyk said. Among companies with Ebitda greater than $50 million, the default rate was 4.4%; of those with less than $25 million, the rate was 7%.
This is partly because loans to smaller companies include stronger protections for lenders, known as covenants. Larger loans in the private-debt market have increasingly adopted the looser, covenant-lite standards that reduce the ability of lenders to ask the company to make changes when its business deteriorates.
Traditionally, lenders to small and medium-size companies in general have much more influence over their management, which has helped make the process toward default slower while ensuring a higher level of recoveries when borrowers do default, Mr. Jackson said.
"We could see worse recoveries this time around," he added. "Direct lenders can't always get in to talk to companies about restructuring because covenant lite loans have become so prevalent."
Private-debt funds have a lot of uninvested capital—known as dry powder—coming into this crisis. This might allow them to be more flexible and financially more supportive of companies in trouble.
"I think a lot of these workouts will occur in the conference room rather than the courtroom," Mr. Antoszyk said.
Write to Paul J. Davies at paul.davies@wsj.com
https://www.wsj.com/articles/payment-problems-rise-in-fast-g…
07/01/20
BlackRock Capital Investment Corporation to Report Second Quarter 2020 Earnings on July 29, 2020 -- https://www.blackrockbkcc.com/news-releases/news-release-det…
Vielen Dank faultcode für das Einstellen des Berichtes,
das deckt sich auch mit meiner Einschätzung, es wird zu einer Kreditausfallrate
von 5% bis 15% für die BDC´s in den nächsten Jahren kommen
und dementsprechend wird es zu einer Durststrecke von 2 bis 4 Jahren
bein den BDC´s kommen, eine Neuinvestment drängt sich nicht mehr auf.
das deckt sich auch mit meiner Einschätzung, es wird zu einer Kreditausfallrate
von 5% bis 15% für die BDC´s in den nächsten Jahren kommen
und dementsprechend wird es zu einer Durststrecke von 2 bis 4 Jahren
bein den BDC´s kommen, eine Neuinvestment drängt sich nicht mehr auf.
Antwort auf Beitrag Nr.: 56.735.217 von faultcode am 16.01.18 20:48:33BKCC hat es in dieser BDC-Gruppe (non-total return) offenbar am härtesten getroffen:
https://bigcharts.marketwatch.com/advchart/frames/frames.asp…
https://bigcharts.marketwatch.com/advchart/frames/frames.asp…
Hallo Kollegen
Ich hätte da mal eine Frage bezüglich der Dividende.Die letzte Dividende wurde ja 20 % in bar und 80 % als Stockdividende als Stammaktien bezahlt.
Nun die 20 % bar sind geflossen....aber was ist mit den Aktien ? Wann bekommt man diese gut-geschrieben ?
Weiß zufällig jemand darüber bescheid ?
Danke im Voraus
Ich hätte da mal eine Frage bezüglich der Dividende.Die letzte Dividende wurde ja 20 % in bar und 80 % als Stockdividende als Stammaktien bezahlt.
Nun die 20 % bar sind geflossen....aber was ist mit den Aktien ? Wann bekommt man diese gut-geschrieben ?
Weiß zufällig jemand darüber bescheid ?
Danke im Voraus
Und was BDC `s im allgemeinen betrifft:
Die Anlageform finde ich gut und ja sicher in der aktuellen Situation sind hier viele Risiken. Aber diese Risiken werden zum teil belohnt in Form von üppigen Dividenden.
Worauf man aktuell achten sollte das man wenn man investiert sich genau informiert über das Unternehmen und man sollte eine Differenz zum NAV haben um die 30% um das Risiko etwas zu minimieren. Im übrigen gibt es BDC seit 40 Jahren. In den 40 Jahren ist noch kein einziger BDC Pleitegegangen. Die Regularien für diese Form sind meiner Meinung nach ausreichend.
Wer mut hat wird auch belohnt.
Viele grüße
Die Anlageform finde ich gut und ja sicher in der aktuellen Situation sind hier viele Risiken. Aber diese Risiken werden zum teil belohnt in Form von üppigen Dividenden.
Worauf man aktuell achten sollte das man wenn man investiert sich genau informiert über das Unternehmen und man sollte eine Differenz zum NAV haben um die 30% um das Risiko etwas zu minimieren. Im übrigen gibt es BDC seit 40 Jahren. In den 40 Jahren ist noch kein einziger BDC Pleitegegangen. Die Regularien für diese Form sind meiner Meinung nach ausreichend.
Wer mut hat wird auch belohnt.
Viele grüße
Trading Spotlight
Antwort auf Beitrag Nr.: 64.460.165 von Nudossi73 am 18.07.20 15:22:24
Hallo Nudossi,
bin bei Onvista, Dividende und Bonusaktien waren am gleichen Tag gebucht,
schau mal in Deinen Bestand rein...
Zitat von Nudossi73: Hallo Kollegen
Ich hätte da mal eine Frage bezüglich der Dividende.Die letzte Dividende wurde ja 20 % in bar und 80 % als Stockdividende als Stammaktien bezahlt.
Nun die 20 % bar sind geflossen....aber was ist mit den Aktien ? Wann bekommt man diese gut-geschrieben ?
Weiß zufällig jemand darüber bescheid ?
Danke im Voraus
Hallo Nudossi,
bin bei Onvista, Dividende und Bonusaktien waren am gleichen Tag gebucht,
schau mal in Deinen Bestand rein...
Hallo Massny
Nein...ich habe die nicht bekommen,in meinem Depot ist nur die Stückzahl der gekauften Aktien.
Ich könnte so kotzen...ich bin bei der Commerzbank und es ist nicht das erste mal das ich Dinge hinterherrennen muss was mein Depot betrifft.
Nein...ich habe die nicht bekommen,in meinem Depot ist nur die Stückzahl der gekauften Aktien.
Ich könnte so kotzen...ich bin bei der Commerzbank und es ist nicht das erste mal das ich Dinge hinterherrennen muss was mein Depot betrifft.
Was hat zum Anstieg von ca. 25% in den letzten 4 Wochen geführt? Weiß das jemand von euch...
Antwort auf Beitrag Nr.: 66.890.747 von benjaminbih am 08.02.21 20:59:27
Zum einen hat Blackrock das Corona Gap aufgeholt, dann der neue ceo und langsam
besser Q Zahlen, mmn geht es wieder Richtung 6 Euro in den nächsten 2 Jahren,
bin also entspannt 😎
Zitat von benjaminbih: Was hat zum Anstieg von ca. 25% in den letzten 4 Wochen geführt? Weiß das jemand von euch...
Zum einen hat Blackrock das Corona Gap aufgeholt, dann der neue ceo und langsam
besser Q Zahlen, mmn geht es wieder Richtung 6 Euro in den nächsten 2 Jahren,
bin also entspannt 😎
Antwort auf Beitrag Nr.: 66.986.033 von massny am 12.02.21 20:55:18Bin auch entspannt nach den Entwicklungen. Dividende könnte bei weiterer guter Entwicklung der Unternehmenzahlen auch irgendwann wieder steigen.
Die ist aber auch so schon der Hammer 🤩
0,072€ Quartalsdividende nach Steuer oder 0,288€ aufs Jahr wenn Dividendenhöhe gleich bleibt bei einem Einstiegskurs von 2,32€/Aktie ist mehr wie Top.
Die ist aber auch so schon der Hammer 🤩
0,072€ Quartalsdividende nach Steuer oder 0,288€ aufs Jahr wenn Dividendenhöhe gleich bleibt bei einem Einstiegskurs von 2,32€/Aktie ist mehr wie Top.
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