Euromoney on the Steinhoff Margin Loan and the End of Easy Money

David Nazar
Founder & CIO
March 2, 2018
9:00 am

Euromoney on the Steinhoff margin loan and the end of easy money, summarising coverage of financing structures and market context for European credit.

Euromoney has taken a close look at the Steinhoff case, which continues to draw attention from investors and lenders across Europe. Their analysis questions whether the margin loan structure at the centre of the company’s financing challenges could represent a wider turning point for leveraged markets.

They note that years of abundant liquidity and low rates encouraged increasingly complex financing arrangements. With conditions shifting, the Steinhoff fallout may be a sign that lenders and investors will need to reassess their approach to risk and the terms of future margin loans.

At Ironshield Capital, our focus on Credit Opportunities means we closely monitor such developments for their potential impact on European credit markets. You can read the full article on Euromoney’s website here.

Capital Structure, Corporate Restructuring, European Credit, Event-Driven Credit, Opportunistic Credit, Special Situations

David Nazar

David Nazar is Founder and Managing Partner, Chief Investment Officer at Ironshield Capital Management, where he leads the firm’s European corporate credit strategies. He oversees investment direction, portfolio construction and risk management across event-driven, stressed and high yield credit mandates. David works closely with the investment team to identify relative value opportunities across complex capital structures, with a disciplined focus on fundamental analysis, downside protection and compounding absolute returns across market cycles.