Private debt yield, safety and the emergence of alternative lending
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Newark
Wiley
[2023]
|
| Ausgabe: | Second edition |
| Schriftenreihe: | Wiley Finance Ser
|
| Schlagworte: | |
| Online-Zugang: | DE-2070s DE-945 |
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Inhaltsangabe:
- Cover
- Title Page
- Copyright Page
- Contents
- Introduction
- List of Exhibits
- Acknowledgments
- Chapter 1 Overview of Us Middle Market Corporate Direct Lending
- The Rise of Nonbank Lending
- Direct Lending Investors
- Direct Lending Illustration
- Chapter 2 the Historical Performance of Us Middle Market Direct Loans
- The Cliffwater Direct Lending Index (cdli)
- Us Middle Market Direct Loan Performance
- Yield on Direct Loans
- Net Gains (losses)
- Net Realized Gains (losses)
- Net Unrealized Gains (losses)
- Total Return
- Chapter 3 Performance Comparisons to Other Asset Classes
- Return
- Risk
- Drawdown
- Direct Lending and the GFC Stress Test
- Direct Lending and the Covid Stress Test
- Chapter 4 Current Yield or Yield to Maturity?
- Current Yield
- Yield-to-three-year Takeout
- Chapter 5 Comparative Credit Loss Rates
- Nonaccruals and Implied Recoveries for Middle Market Corporate Loans
- Chapter 6 How Liquid Are Direct Loans?
- Chapter 7 Middle Market Loans as a Hedge Against Rising Interest Rates
- Chapter 8 Credit as a Separate Asset Class
- What Is an Asset Class?
- Private Debt: the Full Picture
- Chapter 9 Senior and Unitranche Direct Lending
- Chapter 10 Loans and the Theory of Credit
- The Merton Model
- Firm Volatility
- Risk-free Rate
- Time to Maturity
- Estimating Loan Risk
- Estimating Loan Portfolio Risk
- Testing the Merton Model
- Merton Model with Covenants
- Chapter 11 Risk Premiums in Us Middle Market Lending
- Methodology
- Chapter 12 Covenants and the Loan Agreement
- Chapter 13 Should Direct Loan Portfolios Be Leveraged?
- Simulated Direct Loan Portfolios with Leverage
- Portfolio Characteristics, Leverage, and the Cost of Financing
- Chapter 14 the Democratization of Alternatives
- The Private Partnership Model for Investing in Private Assets
- Chapter 15 Business Development Companies (BDCs)
- What Is a BDC?
- BDC Industry Statistics
- Private BDCs
- Publicly Traded BDCs
- BDC Market Indexes
- BDCs: a Tale of Two Markets
- BDC Dividend Yield
- BDC Total Return
- Chapter 16 Interval and Tender Funds
- Interval Funds
- Tender Funds
- Chapter 17 Selecting Direct Lending Managers
- Selection Matters
- Manager Direct Loan Yield
- Credit Losses Across Direct Lenders
- Total Return
- Direct Lending Managers
- Organization
- Investment Strategy
- Origination
- Underwriting
- Loan Construction and Monitoring
- Workout
- Portfolio Construction
- Leverage Financing
- Fees and Expenses
- Track Record
- Chapter 18 Loan Valuation
- Senior Versus Subordinated Loan Pricing
- Valuing Direct Middle Market Loans Using Statistical Methods
- Chapter 19 Investment Fees
- Management Fees
- Leverage
- Effective Management Fee
- Carried Interest
- Preferred Return
- Total Fees on Nav
- Total Fees as Percentage of Gross Income
- Factors Explaining Fee Variation
- Comparisons to BDC Fees
- Direct Lending Fees and Alignment of Interest
- Chapter 20 Portfolio Construction
- Direct Lending Benchmarks
- The Importance of a Benchmark
- The Cdli as a Private Debt Benchmark
- Diversification
- Chapter 21 Expected Returns and Risks from Direct Lending
- Expected Return
- Expected Risks
- Chapter 22 Asset Allocation
- Chapter 23 Direct Lending Performance Under a Volcker-like Fed Policy Regime
- Direct Lending Return Forecast Under a Volcker-like Policy Regime
- Income
- Realized Losses
- Unrealized Losses
- Fees and Expenses
- Asset Class Comparisons Under a Volker-like Policy Regime
- Chapter 24 Enter SOFR
- Early Observations
- Chapter 25 European Middle Market Direct Lending
- Key Characteristics of the European Direct Lending Market
- Evolution of the European Direct Lending Market
- Capital Structure of European Direct Loans
- Risk Factors
- Chapter 26 the Borrower's Perspective
- Us Borrowers
- European Borrowers
- Chapter 27 Enhanced Lending
- Direct Versus Enhanced Lending
- Mezzanine Debt and Structured Capital
- Mezzanine Debt
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Structured Capital
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Collateralized Loan Obligations
- Leveraged Loans
- Clo Structure
- Clo Return and Risk
- Clo Mechanics
- Clo Collateral Manager
- Venture Debt
- Market Size and Structure
- Expected Risk and Return
- Investment Strategies
- The Cliffwater Direct Venture Lending Index (cdli-v)
- Rescue Financing
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Asset-based Lending
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Real Estate Debt
- Current Market Environment
- Private Real Estate Debt Funds
- Real Estate Loan Uses, Characteristics, and Structures
- Expected Return and Risk Profiles
- Market Outlook
- Infrastructure Debt
- Market Environment
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Royalties
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Reinsurance
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Litigation Finance
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Conclusion
- Glossary
- About the Author
- Index Citations
- Index
- Eula