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JPC Online 4th Held Report

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US Corona Situation Updates and Credit Market Status
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PennantPark Investment Advisors
About the attractiveness and elasticity of the "US Middle Market Direct Lending Strategy" and investment opportunities after corona

Pennant Park is a loan (direct lending) that provides senior secured capital with first mortgage to relatively small companies with EBITDA of $ 50 million or less, which is mainly funded by a private equity sponsor company in the middle market. ) Is running. With 200,000 US middle-market companies, it is an attractive market that generates about one-third of the revenue of the US private economy. Loans have a cushion of 35-65% of stocks at the bottom of the capital structure, which is a relatively safe asset in terms of debt protection, but is affected by the business cycle in terms of profits. Future investments in the credit market will need to be more selective. Twelve years after the 2008-9 global financial crisis, the credit cycle has reached its final stage in the second half. Even without the corona bruise, the market correction was near. Even under these circumstances, middle market direct lending strategies, especially loans to companies with an EBITDA of $ 50 million or less, have been carefully researched, have low liquidity, have financial covenants, and have sufficient equity equity. If solicited, you will get a low-risk, yet illiquid premium return.

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Under the corona storm, some sectors performed better than expected, as opposed to the sectors that were heavily affected. As such, sector selection, low leverage, and the ability to deal with problems as they arise may avoid default risk and, as a result, reflect performance. Pennant Park has focused on five sectors that provide stable and consistent cash flow (government services, healthcare, etc.) and avoided those that are susceptible to economic fluctuations. Having a strong field had the advantage of being the first to call for the selection and acquisition of loan projects, but the negative impact of the default of the corona sickness could be minimized.

In addition, Pennant Park provides various advice so that the lender company and the stock investee (private equity fund) can work together to create a solution. This will benefit all stakeholders of the company, equity investees and lenders. Since the middle market direct lending strategy enables such elastic transactions, it is also possible to strengthen capital conservation.

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  • 実際の投資には金融商品及び金融派生商品（デリバティブ取引等）の価格変動、流動性、信用、カントリー、為替変動等の諸リスクが発生し、損失が生じる場合があり、投資元本を割り込むこともあります。投資の最終決定はお客様のご判断でお願いします。

  • 手数料・費用等の投資家の負担は、各ケースにより異なりますので、その合計額や上限額を予め表示することはできません。

  • 本情報中で紹介した実績は過去の実績であり、将来の運用成果等の獲得を示唆あるいは保証するものではありません。

  • ESG投資が実際にリターンを増加させたり、ポートフォリオのリスクを軽減したりすることを示唆または保証するものではありません。

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