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    Buying loan portfolios
    Why bidding for loan portfolios is a risky strategy

    Spring 2014

         March 2014

    One theme in the debt markets over recent years has been sales of bank loan portfolios. As an asset manager, Sequoia is reluctant to get involved in these auctions. The sale process rarely allows sufficient time for a thorough credit review and there is often adverse selection because of information asymmetry and other drawbacks. 

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    Sequoia's summary of Moody's analysis of infrastructure debt
    Marginal default rates drop over time as projects move from construction to operation and loans amortize. This is unlike investment grade credit where marginal default rates increase over time

    Winter 2013 / 2014

         November 2013

    Moody’s recently published its updated study of project finance loans, which now covers 4,067 project financings originated over a 28-year period up to the end of 2011. The study demonstrates that, although this is a new asset class for some institutional investors, the behaviour of these assets is well understood.

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Sequoia Investment Management Company specializes in infrastructure debt and structured finance asset management

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