Korean LPs to lend $672 mn to Goldman Sachs’ credit fund
May 07, 2019 (Gmt+09:00)
Deutsche Bank's Korea IB head quits after country head resigns
Hanwha buys S’pore Dyna-Mac’s stake for $73.8 mn from Keppel
Macquarie Korea Asset Management confirms two nominees
Meritz leaves door open for an M&A, to stay shareholder friendly
Korea's Taeyoung to sell local hotel to speed up debt workout
Shinhan Alternative Investment Management Inc. has recently closed a domestic fund for the capital call loan facility, targeting returns of around 4.5% per year, according to investment banking sources on May 7.
The target returns for the euro-denominated loan include currency hedging premiums.
Of the 600-million-euro loan, Mirae Asset will put up 98 million euros for resale to domestic institutional investors.
“Because of lower capital requirements for investing in the Goldman Sachs fund with a high credit rating, insurance companies piled into the fund,” one of the sources told the Korean Investors.
The Goldman Sachs fund received a double-A-minus credit rating from a global ratings agency. Its investments include debts of Italian payments service firm Nexi and specialty chemical distributor Azelis.
Decent returns and low default risk has been driving growth of the fund financing market in recent years, despite concerns that easy borrowing is being used to boost returns of the funds.
By Hyunil Lee and Jung-hwan Hwang
hiuneal@hankyung.com
(Photo: Getty Images Bank)
Yeonhee Kim edited this article
-
Asset managementYoung rich Koreans set sights on M&A, commercial property deals
May 19, 2024 (Gmt+09:00)
-
Private debtM&A rebound will drive private credit volume increase: Golub Capital
May 16, 2024 (Gmt+09:00)
-
Investment bankingDeutsche Bank's Korea IB head quits after country head resigns
May 13, 2024 (Gmt+09:00)