Opposite, private equity has moved into corporate debt as the banks have moved out. When this business started they all borrowed from Goldman Sachs when the rates were zero or ,3% plus 4-5% margin. Now the BBSW is 4.38% and margins for this stuff could be not much under 10% in some cases, plus they have to tip more cash in as a security deposit on the loan book
The Bear Room, page-2086
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