Loan Portfolio Transactions - Mayer Brown ?· Structuring Portfolio Sales ... Services/Transaction Real…

Download Loan Portfolio Transactions - Mayer Brown ?· Structuring Portfolio Sales ... Services/Transaction Real…

Post on 03-Jun-2018

212 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

<ul><li><p>Loan PortfolioTransactionsINSIGHTS FOR YOUR STRATEGY</p><p>November 2013</p></li><li><p>Agenda</p><p>I. Welcome and Program Overview</p><p>II. Perspectives on the Loan Market</p><p>III. Regulatory, Accounting and Tax Issues: What Investors Needto Know</p><p>IV. Structuring Portfolio Sales Recent InternationalExperiences and Perspectives</p><p>V. Q&amp;A</p><p>VI. Closing Remarks</p><p>2</p></li><li><p>II. Perspectives on the LoanMarket</p><p>3</p></li><li><p>II. Perspectives on the Loan Market</p><p>Speakers</p><p> Ted Basta, SVP Market Data &amp; Analysis, LSTA</p><p> Christopher Seyfarth, Partner, Transactional Advisory Christopher Seyfarth, Partner, Transactional AdvisoryServices/Transaction Real Estate, Ernst &amp; Young LLP</p><p> Saul Burian, Managing Director, Financial RestructuringGroup, Houlihan Lokey</p><p>4</p></li><li><p>The Corporate Loan Market</p><p>Secondary Trading &amp; Liquidity</p><p>Ted Basta, SVP Market Data &amp; Analysis</p><p>LSTA+1 212 880 3005tbasta@lsta.org</p></li><li><p>While Lending Activity Fell in 3Q13,New Money Loans Outpaced Refinancing Activity</p><p>$200</p><p>$250</p><p>New money Refinancing</p><p>$491</p><p>$400</p><p>$500</p><p>Institutional Loan Lending Volume</p><p>Source: Thomson Reuters LPC</p><p>$52</p><p>$45</p><p>$-</p><p>$50</p><p>$100</p><p>$150</p><p>1Q13 2Q13 3Q13</p><p>Bil</p><p>lio</p><p>ns</p><p>$342</p><p>$-</p><p>$100</p><p>$200</p><p>$300</p><p>2011 2012 1Q-3Q13</p><p>Bil</p><p>lio</p><p>ns</p><p>6</p></li><li><p>It Has Taken Five Years For The S&amp;P/LSTALeveraged Loan Index to Return to Its Pre-Crisis Size~Outstandings Has Hit a Record $645B An Increase of $100B in 2013</p><p>$600</p><p>$650</p><p>Bil</p><p>lio</p><p>ns</p><p>S&amp;P/LSTA Leveraged Loan Index: Par Amount Outstanding</p><p>$450</p><p>$500</p><p>$550</p><p>Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13</p><p>Bil</p><p>lio</p><p>ns</p><p>7</p></li><li><p>Retail Loan Funds Now Comprise One-Thirdof The Institutional Primary Lending Market</p><p>Share of Non-Bank Institutional Lending</p><p>52%</p><p>50%</p><p>60%</p><p>70%</p><p>2011 2012 _ 1H13 3Q13</p><p>9%6%</p><p>33%</p><p>0%</p><p>10%</p><p>20%</p><p>30%</p><p>40%</p><p>Hedge, Dist. &amp; HYFunds</p><p>Fin. &amp; Insur. Cos Retail Loan Funds CLOs</p><p>Source: S&amp;P Capital IQ LCD 8</p></li><li><p>Following a 30-Year Period of Declining Treasury Rates,The Street is Projecting a Considerable Move Higher</p><p>10</p><p>12</p><p>14</p><p>16</p><p>Pe</p><p>rc</p><p>en</p><p>t</p><p>10YR Treas 3-MO LIBOR</p><p>0</p><p>2</p><p>4</p><p>6</p><p>8</p><p>10</p><p>Ja</p><p>n-8</p><p>0</p><p>Ja</p><p>n-8</p><p>2</p><p>Ja</p><p>n-8</p><p>4</p><p>Ja</p><p>n-8</p><p>6</p><p>Ja</p><p>n-8</p><p>8</p><p>Ja</p><p>n-9</p><p>0</p><p>Ja</p><p>n-9</p><p>2</p><p>Ja</p><p>n-9</p><p>4</p><p>Ja</p><p>n-9</p><p>6</p><p>Ja</p><p>n-9</p><p>8</p><p>Ja</p><p>n-0</p><p>0</p><p>Ja</p><p>n-0</p><p>2</p><p>Ja</p><p>n-0</p><p>4</p><p>Ja</p><p>n-0</p><p>6</p><p>Ja</p><p>n-0</p><p>8</p><p>Ja</p><p>n-1</p><p>0</p><p>Ja</p><p>n-1</p><p>2</p><p>Pe</p><p>rc</p><p>en</p><p>t</p><p>Source: Federal Reserve 9</p></li><li><p>While Loan Retail Funds Have Taken in $53B This Year,HY Bond Flows Have Run Negative at -$8B</p><p>$250</p><p>$300</p><p>$350</p><p>Loan Funds Net Assets</p><p>HY Bond Fund Net Assets</p><p>$-</p><p>$5</p><p>$10Loan fund flows</p><p>$-</p><p>$50</p><p>$100</p><p>$150</p><p>$200</p><p>Jan-11 Jan-12 Jan-13</p><p>Bil</p><p>lio</p><p>ns</p><p>Source: Thomson Reuters LPC</p><p>$(20)</p><p>$(15)</p><p>$(10)</p><p>$(5)</p><p>Ja</p><p>n-1</p><p>3</p><p>Feb</p><p>-13</p><p>Ma</p><p>r-13</p><p>Ap</p><p>r-13</p><p>Ma</p><p>y-13</p><p>Ju</p><p>n-1</p><p>3</p><p>Ju</p><p>l-13</p><p>Au</p><p>g-1</p><p>3</p><p>Sep</p><p>-13</p><p>Bil</p><p>lio</p><p>ns</p><p>10</p></li><li><p>2013 CLO Issuance ($59B) &amp; Retail Fund Flows($53B) Totaled $112B Through 3Q13</p><p>$40</p><p>$50</p><p>$60CLO Issuance Loan fund flows</p><p>$10</p><p>$15CLO Issuance Loan fund flows</p><p>Source: Thomson Reuters LPC</p><p>$-</p><p>$10</p><p>$20</p><p>$30</p><p>2011 2012 Jan-Sep2013</p><p>Bil</p><p>lio</p><p>ns</p><p>$-</p><p>$5</p><p>Ja</p><p>n-</p><p>Feb</p><p>-</p><p>Ma</p><p>r</p><p>Ap</p><p>r-</p><p>Ma</p><p>y</p><p>Ju</p><p>n-</p><p>Ju</p><p>l-13</p><p>Au</p><p>g</p><p>Sep</p><p>-</p><p>Bil</p><p>lio</p><p>ns</p><p>11</p></li><li><p>Loans Traded Higher Through Mid-May on StrongTechnicals (The Supply &amp; Demand Equation)</p><p>-$20B</p><p>-$10B</p><p>$0B</p><p>$10B</p><p>$20B</p><p>$30B</p><p>Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13</p><p>Change In Visible Demand Change In Supply Delta</p><p>Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13</p><p>Source: S&amp;P /LSTA LLI &amp; LSTA Trade Data Study</p><p>27% 5%</p><p>88%</p><p>0%</p><p>25%</p><p>50%</p><p>75%</p><p>100%</p><p>Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13</p><p>Advancers Decliners</p><p>12</p></li><li><p>Both The Mean and Median Trade Price Has RemainedRange-bound in 3Q13 at 98 and 100.125, Respectively</p><p>100.13</p><p>98</p><p>100</p><p>102</p><p>Mean Trade Price (% of Par)</p><p>Median Trade Price (% of Par)</p><p>100</p><p>125</p><p>MTM Mean Bid-Ask Spread (BPS)</p><p>MTM Median Bid-Ask Spread (BPS)</p><p>97.80</p><p>90</p><p>92</p><p>94</p><p>96</p><p>98</p><p>Oct</p><p>-11</p><p>Dec</p><p>-11</p><p>Feb</p><p>-12</p><p>Ap</p><p>r-12</p><p>Jun</p><p>-12</p><p>Aug</p><p>-12</p><p>Oct</p><p>-12</p><p>Dec</p><p>-12</p><p>Feb</p><p>-13</p><p>Ap</p><p>r-13</p><p>Jun</p><p>-13</p><p>Aug</p><p>-13</p><p>69</p><p>63</p><p>0</p><p>25</p><p>50</p><p>75</p><p>Oct</p><p>-11</p><p>Dec</p><p>-11</p><p>Feb</p><p>-12</p><p>Ap</p><p>r-12</p><p>Jun</p><p>-12</p><p>Aug</p><p>-12</p><p>Oct</p><p>-12</p><p>Dec</p><p>-12</p><p>Feb</p><p>-13</p><p>Ap</p><p>r-13</p><p>Jun</p><p>-13</p><p>Aug</p><p>-13</p><p>Source: LSTA Trade Data Study 13</p></li><li><p>Annualized 2013 Trading Volume Represents a Record Highof $521B While The Annual Turn-Over Ratio on The S&amp;P/LSTALeveraged Loan Index (LLI) Has Peaked at 70%</p><p>$500</p><p>$600</p><p>Annual Trade Volume Annualized</p><p>66%</p><p>70%80%</p><p>100%</p><p>$500</p><p>$600</p><p>LLI Loan Trade VolumeAvg. Size of the LLILLI Turn-Over Ratio (%)</p><p>$391</p><p>$-</p><p>$100</p><p>$200</p><p>$300</p><p>$400</p><p>20</p><p>08</p><p>20</p><p>09</p><p>20</p><p>10</p><p>20</p><p>11</p><p>20</p><p>12</p><p>1Q-</p><p>3Q</p><p>13</p><p>Bil</p><p>lio</p><p>ns</p><p>66%</p><p>56%</p><p>51%</p><p>63%58%</p><p>0%</p><p>20%</p><p>40%</p><p>60%</p><p>$-</p><p>$100</p><p>$200</p><p>$300</p><p>$400</p><p>2008 2009 2010 2011 2012 2013Ann.</p><p>Bil</p><p>lio</p><p>ns</p><p>Source: LSTA Trade Data Study 14</p></li><li><p>3Q13 Trade Volumes Fell 19% to $121B as More Than80% of Total Activity Occurred at Prices Above 98</p><p>Quarterly Trade Volume</p><p>$125</p><p>$150</p><p>$175</p><p>Bil</p><p>lio</p><p>ns</p><p>TOTAL PAR DIS</p><p>% of Trade Volume by Price Range</p><p>80%</p><p>100%</p><p>&gt;98 90 to 98 80 to 89.99 </p></li><li><p>Monthly Market Breadth and Depth AnalysisSupports a Robust Secondary Trading Market</p><p>1200</p><p>1300</p><p>$40</p><p>$60</p><p>Trade Volumes</p><p>80%</p><p>100%</p><p>=20 Trades</p><p> Monthly Market Breadth Monthly Market Depth</p><p>1000</p><p>1100</p><p>1200</p><p>$-</p><p>$20</p><p>$40</p><p>Oct</p><p>-12</p><p>Dec</p><p>-12</p><p>Feb</p><p>-13</p><p>Ap</p><p>r-13</p><p>Ju</p><p>n-1</p><p>3</p><p>Au</p><p>g-1</p><p>3</p><p>Bil</p><p>lio</p><p>ns</p><p>55%</p><p>23%</p><p>0%</p><p>20%</p><p>40%</p><p>60%</p><p>Oct</p><p>-12</p><p>Dec</p><p>-</p><p>Feb</p><p>-13</p><p>Ap</p><p>r-13</p><p>Ju</p><p>ne</p><p>Au</p><p>g-</p><p>%o</p><p>fL</p><p>oa</p><p>ns</p><p>Source: LSTA Trade Data Study 16</p></li><li><p>An Update on theNon-Performing Loan Report</p><p>Christopher Seyfarth, PartnerTransactional Advisory Services/Transaction Real EstateErnst &amp; Young LLP+1 415 894 8738</p><p>chris.seyfarth@ey.com</p><p>17</p></li><li><p>A Broader View of theSecondary Markets</p><p>Saul Burian, Managing Director</p><p>Financial Restructuring Group</p><p>Houlihan Lokey+1 212 497 4245</p><p>sburian@HL.comil</p></li><li><p>Secondary Market Development Milestones</p><p>Junk bond market crashand subsequentportfolio sales</p><p>Junk bond market crashand subsequentportfolio sales</p><p>TMT sector sell-off (techbubble)</p><p>TMT sector sell-off (techbubble)</p><p>European-ledsovereign debt</p><p>crisis</p><p>European-ledsovereign debt</p><p>crisis</p><p>Savings and loancrisis and RTCportfolio sales</p><p>Savings and loancrisis and RTCportfolio sales</p><p>Asian financial crisis,including financial institution</p><p>bankruptcies and portfoliosales</p><p>Asian financial crisis,including financial institution</p><p>bankruptcies and portfoliosales</p><p>U.S.-led financialcrisis</p><p>U.S.-led financialcrisis</p><p>U.S. and European regulatoryreform, such as the Volker Rule,</p><p>prompts banks to re-assess illiquidasset holdings</p><p>U.S. and European regulatoryreform, such as the Volker Rule,</p><p>prompts banks to re-assess illiquidasset holdings</p><p>19</p><p>Apollo forms andpurchases</p><p>Executive LifePortfolio</p><p>Apollo forms andpurchases</p><p>Executive LifePortfolio</p><p>Whitehall, MSREFand others</p><p>purchase REO andloans from RTC</p><p>Whitehall, MSREFand others</p><p>purchase REO andloans from RTC</p><p>Lone Star,Avenue, Colony</p><p>and otherspurchase assetsand NPLs fromAsian financial</p><p>institutions</p><p>Lone Star,Avenue, Colony</p><p>and otherspurchase assetsand NPLs fromAsian financial</p><p>institutions</p><p>Coller,Landmark,</p><p>Lexington andothers purchaselarge portfoliosof LP interests</p><p>Coller,Landmark,</p><p>Lexington andothers purchaselarge portfoliosof LP interests</p><p>Various fundspurchase CMBS,RMBS, CDO andother securities</p><p>Various fundspurchase CMBS,RMBS, CDO andother securities</p><p>Lone Star, WellsFargo and others</p><p>purchaseperforming loan andNPL portfolios from</p><p>Irish banks</p><p>Lone Star, WellsFargo and others</p><p>purchaseperforming loan andNPL portfolios from</p><p>Irish banks</p><p>1985 1995 2005 20151990 2000 2010</p></li><li><p>Secondary Market Framework</p><p>Limited liquidity and low volumes characterize assets that are traded in the secondary market</p><p>Hig</p><p>h</p><p>F</p><p>LO</p><p>W</p><p>LargeCap</p><p>Credits</p><p>LargeCap</p><p>Credits</p><p>DistresseDistresse</p><p>Syndicated Loans</p><p>Syndicated Loans</p><p>Large CapEquities</p><p>Large CapEquities</p><p>Mid-CapEquitiesMid-CapEquities</p><p>Small CapEquities</p><p>Small CapEquities</p><p>ForeignExchangeForeign</p><p>Exchange</p><p>ExchangedTraded</p><p>Derivative</p><p>ExchangedTraded</p><p>Derivative</p><p>Mid CapCredits</p><p>Mid CapCredits</p><p>20</p><p>Lo</p><p>w</p><p>Non-Exchange-Traded Exchange-Traded</p><p>VO</p><p>LU</p><p>ME</p><p>LIQUIDITY</p><p>B</p><p>YA</p><p>PP</p><p>OIN</p><p>TM</p><p>EN</p><p>T</p><p>Distressed CreditsDistressed Credits</p><p>Emerging</p><p>MarketEquities</p><p>Emerging</p><p>MarketEquities</p><p>PIPESPIPES</p><p>d Loansd LoansEquitiesEquities</p><p> Small Cap Credits Structured Finance</p><p>Securities LP Interests Equity Co-Investments Unregistered Shares Intellectual Property Mining and Mineral Rights Life Settlements</p><p> Small Cap Credits Structured Finance</p><p>Securities LP Interests Equity Co-Investments Unregistered Shares Intellectual Property Mining and Mineral Rights Life Settlements</p></li><li><p>Commonly Traded Illiquid Assets</p><p>LP InterestsDirectEquity</p><p>DirectCo-Invest</p><p>LeveragedLoans</p><p>Illiquid equity and credit marketsrepresent the most maturesecondary markets</p><p>21</p><p>Cre</p><p>dit</p><p>Cre</p><p>dit</p><p>Co-Invest</p><p>FoundersShares</p><p>Mining &amp;MineralRights</p><p>IntellectualProperty</p><p>StructuredSettlementsReal Estate</p><p>Loans</p><p>StructuredFinance</p><p>Securities</p><p>Asset-BackedLoans</p></li><li><p>Secondary Market Buyers</p><p>InstitutionalInstitutional</p><p>Hedge FundsHedge Funds</p><p>SovereignSovereign</p><p>SpecialSituation Funds</p><p>SpecialSituation Funds</p><p>DedicatedSecondary</p><p>Funds</p><p>DedicatedSecondary</p><p>Funds</p><p>22</p><p>InstitutionalInvestors</p><p>InstitutionalInvestors</p><p>SovereignWealth Funds</p><p>SovereignWealth Funds</p><p>BusinessDevelopment</p><p>Companies</p><p>BusinessDevelopment</p><p>CompaniesAsset ManagersAsset Managers</p><p>Private EquityFunds</p><p>Private EquityFunds</p><p>Illiquid Assets</p><p>Diverse capital pools with the capacity to directly or indirectly invest in illiquid assets</p></li><li><p>Convergence of Secondary Markets and Buyers</p><p>THEN NOW</p><p>PE LPInterests</p><p>PE LPInterests</p><p>PerformingLoans</p><p>PerformingLoans</p><p>PerformingLoans</p><p>PerformingLoans</p><p>LimitedPartnership</p><p>Interests</p><p>LimitedPartnership</p><p>Interests</p><p>23</p><p>NPLsNPLs REOREO</p><p>InterestsInterests LoansLoans</p><p>CommercialReal EstateCommercialReal Estate</p><p>DistressedDebt</p><p>DistressedDebt</p><p>NPAs and SpecialSituations</p><p>NPAs and SpecialSituations</p><p>SECONDARYMARKETBUYERS</p></li><li><p>III. Regulatory, Accounting andTax Issues: What InvestorsNeed to Know</p><p>24</p></li><li><p>III. Regulatory, Accounting and Tax Issues:What Investors Need to Know</p><p>Speakers</p><p> Tess C. Virmani, Assistant General Counsel, LSTA</p><p> Jason Bazar, Partner, Mayer Brown</p><p> Donald Waack, Associate, Mayer Brown</p><p> Christopher Seyfarth, Partner, Transactional AdvisoryServices/Transaction Real Estate, Ernst &amp; Young LLP</p><p>25</p></li><li><p>LSTAs View onRegulatory Challenges</p><p>Tess C. Virmani, Assistant General Counsel</p><p>LSTA+1 212 880 3006</p><p>tvirmani@lsta.org</p></li><li><p>How are FATCA and theVolcker Rule Impacting theMarket So Far?</p><p>Jason Bazar, Partner+1 212 506 2323jbazar@mayerbrown.com</p><p>Donald Waack, Associate+1 202 263 3165dwaack@mayerbrown.com</p></li><li><p>FASB and GAAP New Rules:New Interpretations?</p><p>Christopher Seyfarth, Partner</p><p>Transaction Advisory Services/Transaction Real Estate</p><p>Ernst &amp; Young+1 415 894 8738</p><p>chris.seyfarth@ey.com</p></li><li><p>IV. Structuring Portfolio Sales Recent InternationalExperiences and Perspectives</p><p>29</p></li><li><p>IV. Structuring Portfolio Sales Recent International Experiences andPerspectives</p><p>Speakers</p><p> Jayne Backett, Associate, Mayer Brown</p><p> Paul A. Jorissen, Partner, Mayer Brown</p><p> Jon Van Gorp, Partner, Mayer Brown</p><p> Saul Burian, Managing Director, Financial RestructuringGroup, Houlihan Lokey</p><p> Jrg Wulfken, Partner, Mayer Brown</p><p> Jamie Pereda, Partner, Uria Menendez</p><p>30</p></li><li><p>Process Design and OtherConsiderations in Structuringand Timing Sales</p><p>Saul Burian, Managing Director</p><p>Financial Restructuring Group</p><p>Houlihan Lokey+1 212 497 4245</p><p>sburian@HL.comil</p></li><li><p>Portfolio vs. Single Asset Sale</p><p> Sellers are often tempted to pursue single asset sales, believing this approachwould maximize sales proceeds, but experience shows this scenario frequentlydoes not optimize pricing or fully achieve transaction objectives</p><p> A seller approaching the market in a serial, single asset sale fashion is typically left with alower quality stub portfolio for which the market severely discounts</p><p> The end result is that aggregate proceeds from a one-off liquidation approach typically fallsbelow the original projected recovery amount</p><p> On the other hand, a single coordinated portfolio sales effort even if it results intransactions with several different counterparties frequently yields higher total proceedsthan the serial sale approach due to the leverage the process creates for the seller over theinterested buyer groups</p><p> Buyers tend to spread exposure to high risk credits across a portfolio, allowing them to aggressivelyprice more predictable credits</p><p> Whole-portfolio sales through an auction process introduces pricing tension; in particular when fulltransparency creates an equal playing field for all potential investors</p><p> Single name sales can be more suitable when a portfolio has:</p><p> Liquid names for which pricing discovery is of little value</p><p> Very large controlling exposures for a dedicated loan-to-own investor</p><p>32</p></li><li><p>Challenges and Mitigating Factors</p><p>Houlihan Lokey has represented numerous financial institutions in thedisposition of illiquid asset portfolios, having gained significant, real-worldinsight into transaction dynamics and buyer behavior</p><p>Potential Challenges Mitigating Factors</p><p>Portfolio positioningrequires sound knowledge</p><p>of buyer mandates andmarket trends</p><p> Given our experience in recent portfolio transactions, we understand each investors specific mandate, and we canquickly recognize which opportunities allow investors to relax or stretch their traditional parameters</p><p>Properly preparedportfolios achieve</p><p>superior results</p><p> It is essential to conduct significant pre-marketing credit and portfolio analysis</p><p> We have demonstrated how an effective intermediary can bring organization and clarity to transform a previouslyundifferentiated collection of assets into a portfolio with an articulated return profile</p><p>33</p><p>superior results undifferentiated collection of assets into a portfolio with an articulated return profile</p><p>Portfolio segmentationshould be used to drive</p><p>investor targeting</p><p> Understanding the identifiable characteristics and unique groupings of a portfolio substantially influences a successfulloan sale outcome</p><p> Buyers generally identify with investments they favor</p><p>Illiquid credits presentgreatest pricing</p><p>uncertainty</p><p> The market for performing credits is relatively efficient, but the market for illiquid credits is by definition not nearly asefficient it is important to understand the portfolios value drivers on a credit-by-credit basis or representativesample basis (for very granular portfolios)</p><p>Transparency levels theplaying field</p><p> The goal of any upfront diligence / analysis should be to empower bidders without special knowledge of a particularcredit or sector to bid as confidently as a bidder who believes they have an inside angle</p><p>Buyer behavior can beheavily influenced by</p><p>fund life cycle andinvestment philosophy</p><p> A bidders behavior can change from process to process depending upon life cycle and investment philosophyconsiderations, so we devote considerable resources to tracking ongoing developments at funds and their sponsors</p><p>Line-item pricing is acritical tool to optimizing</p><p>proceeds</p><p> Bidders often oppose providing any level of sub-portfolio pricing granularity for fear of being cherry picked but weare familiar with the usual objections and are adept at giving participants a high degree of comfort in the proceduralintegrity of our processes</p></li><li><p>Portfolio Segmentation Considerations</p><p>Portfolio segmentation is more than identifying common characteristicsacross credits it is about monetizing investors willingness and abilityto pay up for portfolios that match their investment philosophy andguidelines</p><p>Key Portfolio Segmentation Considerations</p><p>Size</p><p> Portfolios with critical mass tend to be well received by the market</p><p> Large portfolios tend to attract parties most willing to price competitively, including strategic acquirers of discrete assets andinvestment managers interested in gathering large pools of assets</p><p> Mix of performing / non-performing credits allows portfolio buyers to spread high risk credit exposure across entire portfolio</p><p>34</p><p>Performing / Non-Performing Credits</p><p> Mix of performing / non-performing credits allows portfolio buyers to spread high risk credit exposure across entire portfolio</p><p> Appeals to segment buyers with diverse return exp

Recommended

View more >