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This means that if the issuers want to make investments in other companies with the borrowed money, they need to do so in a permitted business, such as core property development. The situation is not likely to improve.
Regulatory focus on bank NPLs When the Reserve Bank of India issued its controversial circular on stressed assets on 12 February last year, requiring lenders to declare loans as non-performing assets on the first day of default, it shook the banking sector. All but two Indian banks posted losses for as a result of having to make provisions for NPLs, leaving the sector open to private capital investment.
In China, the central bank recently cut the amount of cash that banks must hold as reserves for the fifth time in a year, giving lenders additional leeway to offer cash to small and medium-size enterprises. The result is that the predominant source of capital in the NPL sector will be private, whether domestic or international. Vishwanathan cited the establishment of the Insolvency and Bankruptcy Code as the basis for the change in policy designed to speed up the collection of debts.
He said the reforms had solved one of the main problems faced by private debt investors in the Indian market. And it is time-oriented because it specifies strict timelines for insolvency resolution, failing which the borrower would have to be taken into liquidation. The lack of precedent-setting legal cases has meant that the introduction of the bankruptcy code has, in many ways, made the market less accessible to international investors.
This is because the liquidity of the security is one of the main considerations when it comes to trading. Otherwise, the illiquidity of a relatively unknown investment makes a short-term exit less likely, regardless of whether the initial investment thesis was correct or not. Trading around distressed securities sees the highest volume in: Companies with Large Public Followings Senior Tranches of Debt with Lower Risk Illiquidity Discount The further down the capital structure one goes, the fewer investors there are with the risk appetite to invest and the higher the likelihood of finding mispricing.
The more liquid an investment, the more likely it is priced near its fair value — as liquidity is the highest at the top of the capital structure. The purchase price of a security should reflect the illiquidity risk of the investment, especially if taking a short-term trading approach.
Investors require extra compensation for the risk that market conditions may be illiquid when they hope to sell their holdings. Typically, the more illiquid an investment, the lower the trading price. While long-term distressed investments can produce outsized returns, these investments require substantial time commitments and an acceptance of downside risk. A control-oriented investment is often a calculated bet that the debtor successfully emerges from a restructuring process.
One piece of the puzzle is investing in debt trading below par, but a sizeable portion of the potential upside is predicated on being able to receive additional post-reorganization recoveries from a successful restructuring process. Typically investments are made in the debt tranches near the top of the priority waterfall , as these securities hold a reasonable chance of recovery in Chapter 11 , especially since these firms seek to actively participate in the reorganization.
Oaktree Distressed Investment Strategy Source: Oaktree Capital Given the magnitude of their controlling stake, active-control investors often receive a seat on the board of directors and are prioritized during negotiations regarding the plan of reorganization POR. It is often difficult, however, to acquire enough debt securities to hold a majority stake.
That said, this particular long-term investing approach has been predominately utilized by distressed private equity firms in recent years. The fulcrum security is the most senior security that, after undergoing restructuring, has the greatest likelihood of conversion into equity ownership e.
MW: We will usually try to buy the most senior level of debt which will participate in the reorganization. The senior secured debt is unlikely to be underpriced and has less leverage in negotiating the POR because they are most likely going to be repaid in full in either cash, new debt, or a mixture of both. Even if the price paid was at a significant discount, the return will be far below equity returns in a successful turnaround because the upside of equity, in theory, is unlimited.
Conversely, riskier forms of debt can easily end up worthless or receive lower recoveries — yet, from a returns perspective, the purchase of debt with lower priority can also be an attractive entry point if those securities could be converted into equity.
Distressed-for-Control Loan-to-own and distressed-to-control are frequently used interchangeably. But one minor distinction to be aware of is that loan-to-own can be used to refer to providing new debt to a company near distress and not purchasing the existing debt of a distressed company. In a loan-to-own situation, the distressed fund offers to structure a new loan for the company before it actually defaults on its existing obligations, usually at very expensive terms.
The lender is aware of the default risk, but even if the borrower defaults, a part of the lending strategy was to be converted into equity ultimately. In either case, the lender receives a high yield, but the potential upside is greater under equity conversion. Specialty Lending — Rescue and Bridge Financing Specialty financing alleviates short-term liquidity shortages, preventing fundamentally sound companies from having to file for bankruptcy protection.
Specialty lending is a category of highly customized capital financing meant to aid companies facing temporary liquidity problems i. Specialty financing is not necessarily distressed credit; it more broadly entails lending to companies facing unanticipated circumstances e. Furthermore, these financing arrangements are typically made out-of-court and before the issue has developed into a serious concern.
Despite the risks, the underwriter usually views the catalyst as short-term and has a positive outlook on the long-term viability of the business. Companies in financial distress have restricted access to the capital markets — this means that distressed funds can often be the only source of capital available as most traditional lenders cannot tolerate the risk.
For investment firms, distressed debt investment strategies can be appealing by adding elements of counter-cyclicality to their portfolio. The anticipation of defaults by lenders causes the downturn, as the capital markets become stringent on lending standards, which causes a deceleration in the money supply and higher interest rates. Causes of Underperformance by Distressed Funds Periods of robust economic growth consist of fewer corporate defaults, causing competition amongst distressed investors to increase and resulting in lower fund returns and indirectly benefiting debtors.
Another external factor that can constrain fund performance is the intervention by the Fed, as seen by their efforts to limit the damage caused by the COVID pandemic.
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Preqin’s Real Estate Online database shows there are 44 investors situated in Asia and Australasia which are interested in distressed and/or debt private equity real estate funds. . With China’s deceleration and the negative ripple effect on its neighbours, 58% of respondents expect the amount of Asia-Pacific distressed debt to rise over the next 12 months, while a far . 40% setting aside more capital for distressed debt opportunities than in survey findings. Clifford Chance and KPMG commissioned Debtwire to canvass the opinions of .