Private debt 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...
| Otros Autores: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley
2019.
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| Edición: | 1st edition |
| Colección: | Wiley finance series.
THEi Wiley ebooks. |
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009630375306719 |
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 Agreement
- Chapter 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
- Origination
- Underwriting
- 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 Lending
- Expected 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
- Expected Return and Risk
- Investment Strategies
- Collaterized Loan Obligations (CLOs)
- Leveraged Loans
- CLO Structure
- CLO Economics
- CLO Mechanics
- CLO Collateral Manager
- Asset-Based Lending
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Infrastructure Debt
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Consumer/Marketplace Lending
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Royalties
- Market Size and Structure
- Expected Return and Risk
- Investment Strategies
- Venture Debt.
- Market Size and Structure
- Expected Risk and Return
- Investment Strategies
- Rescue Financing
- 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
- List of Exhibits
- Index
- EULA.
