Hedge Funds and Deleveraging; Waiting to Turn Trash into Treasure  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8760 (Nov. 2011), page 69.
Topik: International Markets; Funds; Hedge Funds; Debt; Capital; Economic Conditions; Foreign Investment; Global Economy

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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For more than two years funds have been salivating over the slew of assets that Europe's banks will have to sell. Many have been opening offices in London and hiring to prepare for this "tidal wave" of opportunities. Up for grabs will be distressed corporate loans, property debt and non-core businesses as European banks shrink their balance-sheets to meet stricter capital requirements. Huw Van Steenis of Morgan Stanley estimates that banks will have to downsize their balance-sheets by EUR 1.5 trillion-2.5 trillion ($2 trillion-3.4 trillion) over the next 18 months. Funds have only about $150 billion to spend on distressed debt in Europe, he reckons, which means they should have their pick of assets. For now the next great trade is not looking that good, mainly because there have been no fire sales. Most banks that are selling assets have priced them close to face value, providing little to entice buyers. Even where sales are agreed, financing is scarce.

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