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Investment Opportunities in Corporate Direct Lending
The essential resource for navigating the growing direct loan market Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. Traditionally a niche asset class pre-c...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Newark :
John Wiley & Sons, Incorporated,
2018.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; Title Page; Copyright; Contents; Introduction; 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 and Maximum Drawdown
- Chapter 4 Current Yield or Yield to Maturity?Current Yield; Yield-to-Three-Year Takeout; Chapter 5 Comparative Credit Loss Rates; Chapter 6 How Liquid Are Direct Loans?; Chapter 7 Credit as a Separate Asset Class; What is an Asset Class?; Credit and Asset Allocation; Private Credit Opportunities; Chapter 8 Loans and the Theory of Credit; The Merton Model; Volatility; Risk-Free Rate; Time to Maturity; Estimating Loan Risk; Estimating Loan Portfolio Risk; Testing the Merton Model; Merton Model with Covenants; Chapter 9 Risk Premiums in US Middle Market Lending; Methodology
- Chapter 10 Covenants and the Loan AgreementChapter 11 Should Direct Loan Portfolios Be Leveraged?; Simulated Direct Loan Portfolios with Leverage; Determinants of Financing Costs; Chapter 12 Business Development Companies; What is a BDC?; BDC Industry Statistics; Private BDCs; Publicly Traded BDCs; BDC Market Indices; BDCs
- A Tale of Two Markets; BDC Dividend Yield; BDC Total Return; Chapter 13 Selecting Direct Lending Managers; Selection Matters; Manager Direct Loan Yield; Credit Losses Across Direct Lenders; Total Return; Direct Lending Managers; Organization; Investment Strategy
- OriginationUnderwriting; Loan Construction and Monitoring; Workout; Portfolio Construction; Leverage Financing; Fees and Expenses; Track Record; Chapter 14 Loan Valuation; Chapter 15 Investment Fees; Direct Lending Fee Structures; Combined Fees for Direct Lenders; Manager Style and Fees; Comparisons to Private Equity; Comparisons to BDCs; Fees and Alpha; Chapter 16 Direct Lending and J-curve Mitigation; Chapter 17 Portfolio Construction; Direct Lending Benchmarks; The Importance of a Benchmark; The CDLI as a Private Debt Benchmark; Diversification
- Chapter 18 Expected Returns and Risks from Direct LendingExpected Return; Expected Risks; Chapter 19 Asset Allocation; Chapter 20 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 21 The Borrower's Perspective; US Borrowers; European Borrowers; Chapter 22 Other Private Debt Opportunities; Real Estate Debt; Market Size and Structure; Expected Return and Risk; Investment Strategies; Mezzanine Debt; Market Size and Structure