As has been the case elsewhere in the world, the Asian market saw very few restructuring opportunities in 2007. This forced distressed debt investors to continue to search for high returns in other ways. For most, that meant extending new loans through private placements, often with equity kickers included. Yet with so many funds having piled into the Asian market since 2006, the prospective returns on such deals were on the decline. The sub-prime crisis changed all that but not as it did in the US. Indeed, the Asian private placements market seems to have mushroomed since July this year, with some hedge fund managers saying that they could hardly keep up with the pace of new deals showing up on their desks in the second half of the year.
Table of Contents
1. Research Methodology
2. Foreword
3. Survey Findings
4. Contacts
We hope you find this report useful and we would particularly welcome any feedback or questions you might have.
28 October 2008, Four Seasons Hotel Chinzan-so, Tokyo, Japan
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