In the third quarter, Carlyle, one of the largest alternative investment managers, took advantage of access to cheap credit to complete more than $700m in dividend recaps. A number of its portfolio companies borrowed, with the proceeds going to pay their owners’ generous dividends, thereby swelling returns to Carlyle and its investors. The credit markets have been complacent this year, enabling the financial engineers and users of other people’s money such as Carlyle to prosper disproportionately. This came as a happy surprise, given that all year financial observers expected rates to rise. With the “taper” now tapered, might that finally change?
今年第三季度，manbetx app苹果 最大另类投资管理公司之一凯雷(Carlyle)利用廉价信贷，完成了逾7亿美元的股息资本重组。其投资组合中的很多公司借入资金，用来支付其东家的慷慨股息，从而扩大了凯雷及其投资者的回报。信贷市场今年一直洋洋得意，让金融工程师以及凯雷等利用他人资金的弄潮儿获得超出比例的回报。这是一个惊喜，因为金融观察者全年都在预测利率将上升。随着“缩减计划”完成，情况会不会终于发生变化？