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White Papers

US privately placed debt: Investment grade quality credit presents opportunities in insurance asset management

As institutional investors, including insurance companies, continue to search for yield for their liability-driven portfolios, it is not surprising that more are interested in an important niche of the fixed income market: private placement bonds. This Macquarie Investment Management comprehensive overview of the US private debt market provides context for the market, from investors to issuers, and outlines the key characteristics of private placement debt that can make it advantageous for insurers in particular. These include: yield enhancements relative to public investment grade debt while maintaining quality; the opportunity to provide structural, geographic, sector, and name diversity to a portfolio; and the ability to negotiate security structures and covenant protections in private placement agreements.

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