All Loans articles
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White papersAsset-Based Lending: Does It Work for Insurers?
Asset-based lending became a key topic in investor discussions last year and looks like the new frontier in private credit—but does it suit insurers’ needs?
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White papersWhy invest in trade finance?
The demand for trade finance continues to increase, despite a global shortage of financing to facilitate the deals. As we outline in this paper, this shortfall has created an array of potentially high-yielding investment opportunities for providers with the right resources, analytical teams and banking connections.
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White papersEuropean leveraged loans outlook 2025: The recovery continues
As we enter 2025, optimism surrounding the European leveraged loans market builds despite the geopolitical backdrop remaining unpredictable. This outlook reviews the factors that defined the European loans market in 2024 and discusses the key drivers likely to impact it over the next 12 months.
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White papersDeveloped APAC: Capitalizing on a Compelling Growth Story
The developed APAC direct lending market is relatively nascent compared to the U.S. and Europe but offers similar risk and return characteristics—with the added benefit of diversification and access to a compelling global growth opportunity.
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White papersRise of the Residential Whole Loan
Given the potential for yield and capital efficiency, residential whole loan mortgages have been the fastest growing asset class in life insurers’ investment allocations in recent years. Partnering with a manager that has the experience and resources to navigate this dynamic market is key.
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White papersInsurance Fixed Income at the Top of the Cycle
How a fixed income portfolio split between core government bonds and high quality private assets can both augment yield and build strength for an economic slowdown.
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White papersABS: Normalizing Delinquent Behavior
Economic uncertainty and recession fears, combined with deteriorating metrics for consumer ABS, have given some investors pause, but we are relatively optimistic.
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White papersThe U.S. Office Debt Opportunity
We see a compelling thesis, with multiple complementary investment approaches, forming for investors around the office sector’s current and anticipated capital needs.
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White papersHigh Yield: Resilience Amid a Shifting Backdrop
With the favorable fundamental and technical backdrop firmly in place, and attractive income opportunities remaining in both bonds and loans, the case for high yield continues to be compelling.
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White papersDemystifying the world of structured credit
As an asset class, Structured Credit has been around for decades. However, despite not being new, many investors remain slightly mystified by it and the role(s) it could play in their portfolios, being labelled as overly complex or an investment area reserved largely for highly experienced investors. Despite the perception, structured credit in fact is very straightforward with a focus on loan and credit products that help provide an integral source of funding for the real economy.
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White papersRelative Value & Tactical Asset Allocation Q4 2024
We are anticipating a stable macro environment in the near future, with some uncertainties stemming from U.S. elections and monetary policy. We continue to look for spreads to mostly remain range bound, with a low chance of further tightening. With a low risk of recession, a carry strategy is preferred in the next quarter or two, meaning we prefer investments with attractive yields, while remaining cautious about potential weakness.
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White papersCLOs Go Mainstream
Rates are on their way down—so why are investors lining up for these floating-rate securities?
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White papersPrime Time for CLOs
In this Pensions & Investments Q&A, Adrienne Butler breaks down the qualities that make CLOs a solid investment amid shifting market dynamics and the potential for further rate cuts.
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White papersThe shifting landscape within direct lending
The direct lending market is constantly evolving. Recently greater competition within certain parts of the market has impacted pricing and eroded lending terms. For these reasons M&G Investments believes in taking a conservative and highly selective approach.
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White papersPrime opportunities within direct lending
Within the direct lending universe M&G Investments believes the most attractive opportunities lie within the more conservative end of the mid-market. We explore why this is likely to be the case and how conditions within the asset class have changed.
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VideoAPAC Private Credit
We started senior lending in the Asia Pacific private credit market in 2011—and together with our 30+ years of managing private credit globally, our global scale, and a disciplined approach, we have become one of the most active lenders in APAC today.
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White papersLocating the sweet spot in direct lending
On top of a compelling return, the northern European lower mid-market senior secured segment offers less downside risk and one of the best legal environments to negotiate any restructurings.
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White papersThe Power of Diversification
Economist Harry Markowitz’s seminal 1952 essay on modern portfolio theory argues that through careful diversification, a portfolio can reduce the ‘specific risk’ associated with individual holdings, and more effectively track wider market performance. In this paper, however, we outline why Markowitz’s theory has limited practical application in private markets, and instead lay out an alternative approach to diversification that we feel is better suited to real estate and private credit.
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White papersPrivate Debt: Few Facts Behind the Fears
Despite a rising tide of negative media coverage, we believe that private debt still has tremendous potential to deliver attractive risk-adjusted returns for investors. In this piece, we aim to separate fact from fear when sizing up the private debt market, thereby potentially helping investors and allocators capture the opportunities that lie within it.
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White papersFacing the Music: Challenges and Opportunities in Today’s Commercial Real Estate Market
For commercial real estate (CRE) borrowers and lenders, central banks have been a persistent source of frustration in recent years. Aiming to rein in stubborn inflation, the Federal Reserve and most of its peers have maintained elevated interest rates longer than anticipated. That’s their mandate, of course. But the consequences have been immediate pain for CRE borrowers facing higher debt costs, along with a duller discomfort from falling valuations due to reduced liquidity and higher capitalization rates.
