Mensuel de septembre 2019 - Fonds d’investissement

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Good times or bad times ahead for Private Equity?
By Adela BAHO, Head of Risk Management AIFM, Intertrust Fund Management (Luxembourg) S.à r.l.   Since 2015 the amount of bonds trading with negative yields has increased from $2tn in 2014 to ca. $16tn in Q2 2019, according to IMF and Bloomberg data. This translates into governments being paid to borrow money. At the same time, the whole yield curve is covered by issuances such as in the German market, be it Bund or covered bonds at the extreme right end of the curve. The yield curve has inverted for the first time since the Global Financial Crises (GFC), raising the odds of a recession in western economies.   Record highs are reached for buyout deals, private debt backed deals, infrastructure deals and the dry powder (i.e. the amount of committed for...
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