Corporate Credit — What next from here?

Please join Cadarn Capital for another event in our Investor Lunch series, this time welcoming CVC Credit Partners to explore Corporate Credit – What next from here?

Recent headlines including the collapse of the sub-prime auto lender Tricolor, the car parts supplier First Brands and Cantor Group, have spooked investors into wondering if these defaults are a ‘canary in the coal mine’ for corporate credit and whether wider issues could emerge in a sector that has seen huge inflows of capital over the last decade.

We are delighted to be joined by CVC Credit Partners to discuss the state of corporate credit, if investors should be concerned and, if there are any, where might these ‘coackroaches’ that JP Morgan CEO Jamie Dimon referred to be hiding.  

CVC Income & Growth is focussed on the Broadly Syndicated Loans market, a deep liquid market that loans money to some of the world’s largest private businesses. The Loans market has some key differences to the Private Credit market, which are outlined below.

A key feature of loans is that the lender is typically senior secured in the capital structure, meaning should a corporate run into issues CVC will be first in line to receive their money back. Over the history of the CVC Credit Partners platform, which was established in 2006, the average loss given default in the portfolio has been 0.17%.

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