The world of private equity seems eerily becalmed. Logic suggests a lot of companies owned by private equity must be on the point of expiring under the weight of their debt. But the bankruptcy rate, though rising, is still historically low.
It is as if the insanity of the bubble years had never happened. So when will the storm finally break?
Any time now, it seems. Last year, the default rate in European leveraged loans – in effect, private equity debt – was under 5 per cent. So far this year, it is about 8 per cent. But for the full year, according to industry specialists, it could be a record 15 per cent.
您已阅读13%（612字），剩余87%（4027字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。