PPCC: Pisitófilos Creditófagos. Invierno 2025

[Cadavre Exquis]

https://www.eleconomista.es/opinion/noticias/13744984/01/26/el-discurso-del-senor-carney-en-davos.html

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https://x.com/viviendagob/status/2015755308824449454

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[Cadavre Exquis]

https://x.com/InquilinatoMad/status/2015740174693441666

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[Cadavre Exquis]

https://elpais.com/economia/2026-01-27/el-bce-revisara-los-criterios-de-concesion-de-hipotecas-de-los-bancos-para-evitar-una-nueva-burbuja-inmobiliaria.html

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[Derby]

https://www.ft.com/content/c071fa65-5517-4224-90c9-d73718165367

Private credit firms sell debt to themselves at record rate

Private lenders struck continuation deals worth $15bn last year to generate cash amid deal drought


Continuation deals involve fund managers establishing new vehicles to buy loans from their old funds © Yuriko Nakao/Reuters

Private credit firms sold a record amount of debt to themselves last year as the buyout sector’s slowdown pushed them to find new ways to generate cash from loans to companies owned by private equity.

Private lenders struck so-called continuation deals worth $15bn globally in 2025, up from almost $4bn the previous year, according to investment bank Jefferies. Such deals involve fund managers establishing new vehicles to buy loans from their old funds.

Many of the rolled-over loans were originally extended to finance leveraged buyouts by private equity managers, Jefferies said, but were taking longer than expected to be repaid due to a lack of deals.

The boom in private credit continuation deals is the latest hangover from a years-long drought in private equity exits, with buyout firms instead holding on to businesses for longer and delaying repayment of those companies’ loans.

Advisers also say the surge in funds raised by direct lending vehicles in recent years has resulted in more activity in the so-called secondary market. It includes both managers selling to themselves as well as fund backers selling on stakes in those vehicles.

“The amount of capital raised in private credit, coupled with a slowdown in the exit environment for private equity managers, has led to fund investors and credit managers seeking liquidity,” said Todd Miller, global co-head of secondary advisory at Jefferies.

Last week Crescent Capital Group closed a $3.2bn continuation vehicle, the largest in the private lending market, which bought a portfolio of loans to private equity-backed companies and other assets from an older Crescent fund.

Backers of credit funds, such as pension plans, also sold more stakes in ageing funds than ever last year, with the value of transactions up from $6bn in 2024 to $10bn.

Jeffrey Griffiths, global head of private credit at advisory firm Campbell Lutyens, said it was “private equity firms that decide when an exit or a refinancing happens, not the credit manager, and in this higher-rate environment that’s happening more slowly”.

Griffiths said there had been considerable activity by direct lending funds from 2016 to 2018, but that those funds were now approaching the end of their lives: “There’s loans sitting there, nobody knows what to do with them, and credit managers are not in a position to sell them.”

Simon Saitowitz, a partner specialising in secondaries at law firm Weil, said continuation vehicles helped fund managers return cash early to the backers of their original funds to support future fundraising. They also allowed firms to make extra management fees on existing investments.

The spike in continuation vehicles comes as investors, concerned over credit quality following the bankruptcies of First Brands and Tricolor, have pulled back from some of private credit’s biggest funds in a blow to one of the fastest-growing areas of finance.

[Derby]

https://www.ft.com/content/b03b1344-7e92-4d0d-b85e-5ed92fc8f550

EU and India seal trade deal to slash €4bn of tariffs on bloc’s exports

Pact will reduce or phase out levies on cars, alcohol and machinery while protecting some agricultural products



European Council president António Costa, left, India’s Prime Minister Narendra Modi, centre, and European Commission president Ursula von der Leyen, right, in New Delhi on Tuesday © Prakash Singh/Bloomberg

New Delhi and Brussels have agreed a trade deal that will eliminate up to €4bn of tariffs on EU exporters and could double shipments from the bloc to India.

The pact, billed by Brussels as the largest ever concluded by either side, will slash or shrink tariffs on 96.6 per cent of EU exports to India, reducing the costs of European goods including cars, alcohol and machinery. Sensitive agricultural sectors for both sides, such as dairy, sugar and some meats, were left untouched.

The sides sealed the agreement during a visit to India by European Commission president Ursula von der Leyen and European Council president António Costa.

“Dear Narendra, we did it. We have delivered the mother of all trade deals,”  von der Leyen told Indian Prime Minister Narendra Modi in New Delhi on Tuesday. “This is a tale of two giants — the world’s second and fourth largest economies,” she added.

Modi said the agreement would offer “major opportunities” for the Indian and European markets. “This is a perfect example of a partnership between two major economies of the world,” he said. 

According to an EU statement, New Delhi will grant Brussels tariff reductions “that none of its other trading partners have received”. Levies on European cars will be gradually reduced from 110 per cent to 10 per cent, with a quota of 250,000 vehicles a year.

Tariffs of up to 44 per cent on machinery, 22 per cent on chemicals and 11 per cent on pharmaceuticals will be mostly eliminated. Steel and iron levies of up to 22 per cent will also be phased out over a 10-year period.

Tariffs of more than 36 per cent on European food products, which the EU called “prohibitive”, will also be reduced or removed, the bloc said.

Indian wine tariffs will fall from 150 per cent to 75 per cent and eventually to levels as low as 20 per cent, while those on olive oil will go from 45 per cent to zero over five years. Tariffs on processed agricultural products such as bread and confectionery of up to 50 per cent will also be eliminated.

The deal will go to the European Council and parliament as well as India’s cabinet for approval before it comes into effect. The EU and India trade more than €180bn worth of goods and services per year, according to Brussels.

The Confederation of Indian Textile Industry hailed the deal as a “game-changer”.

The agreement is the latest in a series of Indian trade pacts since US President Donald Trump unleashed a tariff blitz against New Delhi. Modi’s government has closed or is negotiating agreements with countries that account for about 55 per cent of its total trade, according to Barclays economists, and closed recent deals with the UK, New Zealand and Oman.

The Indian dairy industry, a politically delicate sector for New Delhi, was excluded. Sensitive European agricultural sectors such as beef, chicken, rice, sugar and ethanol were also carved out of the agreement.

EU lawmakers last week voted to postpone ratification of a long-sought trade agreement with the Mercosur group of South American economies, which was opposed by the farmers in the bloc who argue they cannot compete with cheaper imports.