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April 17, 2020 | Issue No. 73
  • Corporate borrowers are requesting and often obtaining waivers on maintenance covenants from bank lenders, according to a recent report by Bloomberg LP. Lenders have been willing to grant these waivers to avoid triggering defaults and have, in many cases, been able to negotiate higher rates, additional fees or other concessions.
  • The Chartered Alternative Investment Analyst (CAIA) Association published a white paper setting out an action plan in anticipation of increased retail investor participation in alternative investments. Institutional Investor covered the white paper here. We have written about the outlook for increased individual participation in private funds a few times recently as a long-term source of fundraising growth. The CAIA Association publication is a reminder that more retail participation may be coming with increased regulatory oversight.
  • Softbank Group Corp. anticipates a loss approaching $17 billion in its Vision Fund for the recently ended fiscal year, according to The Wall Street Journal. Of the $100 billion capital committed to the fund, 40% is structured as preferred stock, paying a 7% annual dividend.
  • JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon’s letter to shareholders on “dealing with an extraordinary crisis.”

  • Oaktree Capital Management Co-Founder and Co-Chairman Howard Marks’ Memo, “Knowledge of the Future.” 

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