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，全球最大另類投資管理公司之一凱雷(Carlyle)利用廉價信貸，完成了逾7億美元的股息資本重組。其投資組合中的很多公司借入資金，用來支付其東家的慷慨股息，從而擴大了凱雷及其投資者的回報。信貸市場今年一直洋洋得意，讓金融工程師以及凱雷等利用他人資金的弄潮兒獲得超出比例的回報。這是一個驚喜，因為金融觀察者全年都在預測利率將上升。隨著“縮減計劃”完成，情況會不會終于發(fā)生變化？