Winter 2013 / 2014November 2013
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.
Autumn 2013September 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.