Poi si stupiscono che l'economia europea abbia questa bella ripresa - gz ¶
By: GZ on Mercoledì 25 Aprile 2007 15:15
Gli hedge funds ora fanno la maggioranza dei prestiti alle aziende a rischio in Europa
Operano come se fossero banche. Prendono a prestito in yen allo 0.6% e poi fanno prestiti al 7% in euro a società rischiose, tanto l'euro sale sempre e lo yen scende o sta fermo
Non è neanche che le banche centrali allargano il credito, è il meccanismo del mercato globale che fa sì che il credito si espanda all'infinito, è un modo complesso di stampare moneta. E più presti a tutti e meno aziende incontrano problemi perchè tutti hanno cassa e possono pagare clienti e fornitori
Poi si stupiscono che l'economia europea abbia questa bella ripresa
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US hedge funds lead European leveraged lending
By Gillian Tett in London
April 24 2007 22:29
American hedge funds and other non-bank credit investment groups now hold just over 50 per cent of all lending to risky European companies – pushing banks into a minority role in this sector for the first time.
This marks a dramatic contrast with the picture seen at the start of this decade, when banks accounted for 95 per cent of leveraged lending, or loans made to companies with a credit rating below investment grade.
The shift has largely occurred in the past couple of years. As recently as 2005, banks represented three quarters of the market, according to Standard & Poor’s Leveraged Commentary and Data, an industry newsletter. In the year to March 2007, however, their share was 49.8 per cent.
The trend highlights in an unusually stark manner how hedge funds and other non-bank investors are muscling into territory traditionally dominated by banks. Consequently, it may provoke new questions about the ability of policymakers to monitor borrowing trends, given that hedge funds are generally unregulated.
Non-bank investors have played a dominant role in the leveraged lending sector in the US for more than a decade. However, until recently, banks in Europe refused to relinquish control of lending in their region, since they feared it would undercut their close corporate ties.
What has changed the picture, however, is that a flood of US credit funds has recently established operations in London, including hedge funds and credit portfolio investors, also known as collateralised loan obligation vehicles.
These, together with local investors, have become eager to buy loans, not only by acquiring them from banks but also by participating in loan syndications.
