“A jolt to the market could come from a well-known name in the retail sector facing difficulties. This could lead to a default which could impact the market. There are a large number of credit funds in, for example, New Look. A company like this defaulting would have a big impact. There are handful of names where if they do hit a wall, people are stuck – they can’t get out.”
When Jeremy Ghose, managing director at Investcorp Credit Management, made this observation to Euromoney in February 2018, the market was still digesting the fallout from the Steinhoff fraud scandal that had engulfed the margin lending business of several large US lenders.
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