Private Debt

Opportunities in Corporate Direct Lending

NESBITT, Stephen L. Taal: Engels


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Since the 2008 financial crisis, tighter bank regulations and widespread low yields have led to a ballooning interest in corporate direct lending. Private asset managers are able to sidestep the restrictions that have made bank loans so problematic for middle market firms. Private lenders can offer borrowers the execution size, speed, flexibility, and reliability that banks no longer can, and middle market firms are often willing to pay extra for these conveniences. The result is a market that has largely escaped the persistently low yields plaguing most markets, and investors are flocking to direct lending yields that can reach the low double digits.

Despite the major attractions of direct corporate lending for both investors and borrowers, there has been no single, comprehensive source of reliable information on this asset class. Stephen Nesbitt's Private Debt: Opportunities in Corporate Direct Lending arrives just in time to fill this significant gap. This book provides a comprehensive account of the topic, beginning with a thorough description of loan types and proceeding through an analysis of the risk components, investment vehicles, and portfolio structures that characterize direct lending.

In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. This concise index gives investors a birds-eye-view of the opportunities available in the direct lending market, which will be particularly useful for anyone wanting to enter into the market or optimize their existing portfolio's performance.

Another valuable addition found exclusively in Private Debt is the systematic identification of risk factors in direct corporate loans. Using Stephen Nesbitt's method, investors can come to a clear understanding of how multiple specific risks are reflected in the enticingly high yield figures of corporate direct loans. Such an understanding is key to any investor's due diligence, and this book empowers interested parties with the clarity they need to benefit from the here-to-stay asset class of corporate direct lending.

John Wiley & Sons Inc
256 pp.
Literaire fictie
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