How Poland's Private-debt Pioneer Made It Through The Country's Latest Crisis
Bloomberg Markets|April - May 2019

RAFAL LIS ALMOST single-handedly created Poland’s private-debt market. In seven years he built his company, CVI Dom Maklerski sp. z o.o., into a 5.9 billion zloty ($1.5billion) boutique asset manager.

Maciej Onoszko
How Poland's Private-debt Pioneer Made It Through The Country's Latest Crisis

Then, late last year, he feared it would all come crashing down.

The worst day, he says, was Nov. 20. “My knees buckled as I saw the redemption requests,” Lis recalls in an interview at CVI’s Warsaw headquarters.

The flood of requests from investors, which eventually totaled about 20 percent of CVI’s assets, came as a corruption scandal involving a regulator shook Polish markets still reeling from the nation’s biggest corporate default. Lis was forced to put on hold plans to raise hundreds of millions of euros from new global investors and instead raced to sell liquid holdings. The sale of domestic and euro-denominated bonds and exchange-traded funds enabled Lis to meet the redemptions without holding a fire sale of the financial instruments that make up the bulk of his funds—small private- debt securities, specifically tailored by, and for, his firm.

By the next day, the deluge of redemptions started to slow. “I knew we would survive a month,” Lis says. “And by the beginning of December it was all fine.”

LIS’S NOVEMBER SCARE was a rare setback for the holder of the second investment-adviser license issued in Poland after the fall of communism. Returns from the closed-end funds that hold the bulk of CVI’s assets under management aren’t made public, keeping with the norm in Poland. The company’s first open-end mutual fund returned 14.9 percent from inception in April 2016 to the end of 2018. In March, Private Debt Investor magazine in its 2018 awards named CVI the Lower Mid-Market Lender of the Year, Europe, the first time a lender in the Central and Eastern European region had won.

Diese Geschichte stammt aus der April - May 2019-Ausgabe von Bloomberg Markets.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der April - May 2019-Ausgabe von Bloomberg Markets.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS BLOOMBERG MARKETSAlle anzeigen
See Which Countries Are Falling Behind On Climate Change
Bloomberg Markets

See Which Countries Are Falling Behind On Climate Change

Under the Paris Agreement, 190 countries and the European Union pledged to take steps to hold the global temperature rise to less than 2C (3.6F) from preindustrial levels—and preferably 1.5C.

time-read
4 Minuten  |
October - November 2021
Billionaires Vie for the Future of Brazilian Finance
Bloomberg Markets

Billionaires Vie for the Future of Brazilian Finance

An escalating battle between two billionaires is upending the financial community in São Paulo, Latin America’s wealthiest city.

time-read
8 Minuten  |
October - November 2021
Ford Foundation's Darren Walker: ‘We Have to Get Uncomfortable'
Bloomberg Markets

Ford Foundation's Darren Walker: ‘We Have to Get Uncomfortable'

DARREN WALKER, 62, disrupted his Wall Street life more than 25 years ago when he left what is now UBS Group AG to volunteer at a school and eventually pursue a career in community development and philanthropy. Since 2013 he’s been at the pinnacle of the philanthropic world as president of the Ford Foundation, created by the family of automaker Henry Ford during the Great Depression to advance human welfare.

time-read
8 Minuten  |
October - November 2021
Fueling the Ener Transition
Bloomberg Markets

Fueling the Ener Transition

I MAY BE BIASED, but some of the most important research and data on the Bloomberg terminal lies in one of its lesser-known functions: {BNEF }

time-read
1 min  |
October - November 2021
Dig Into Analysts' Estimates for Disruptive Companies
Bloomberg Markets

Dig Into Analysts' Estimates for Disruptive Companies

THE PANDEMIC ERA generated a whole wave of disruptive companies as it accelerated the introduction of new products and services in areas including artificial intelligence, digitization, electronic payments, online meeting platforms, and virtual currencies.

time-read
4 Minuten  |
October - November 2021
Climate Risks Come for Sovereign Credit
Bloomberg Markets

Climate Risks Come for Sovereign Credit

FOR YEARS climate scientists have warned about the ferocious wildfires and hurricanes that are now overwhelming many communities. Today alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market.

time-read
7 Minuten  |
October - November 2021
Responsible-Investing Pioneer Lydenberg Says ESG Needs An Upgrade
Bloomberg Markets

Responsible-Investing Pioneer Lydenberg Says ESG Needs An Upgrade

STEVE LYDENBERG’S passion for social change was inspired by anti-Vietnam War demonstrations, consumer boycotts, and the movement to divest from apartheid South Africa. But he didn’t take to the streets. Instead, Lydenberg turned to the world of finance to help catalyze societal change.

time-read
8 Minuten  |
October - November 2021
Engine No. 1's Grancio: ‘People Will Appreciate an Economic Argument'
Bloomberg Markets

Engine No. 1's Grancio: ‘People Will Appreciate an Economic Argument'

ENGINE NO. 1 sent shock waves across corporate America in May when the fledgling investment firm won a boardroom battle with Exxon Mobil Corp., securing three seats on the oil and gas giant’s board after purchasing only about $40 million of its stock.

time-read
6 Minuten  |
October - November 2021
Find Out Which Companies May Ramp Up Payouts After Covid
Bloomberg Markets

Find Out Which Companies May Ramp Up Payouts After Covid

AS THE PANDEMIC DISRUPTED business last year, many companies cut or suspended dividends. Which will boost their payouts when economies pick up again?

time-read
2 Minuten  |
October - November 2021
Get Into the Minds of Central Bankers as They Navigate Shocks
Bloomberg Markets

Get Into the Minds of Central Bankers as They Navigate Shocks

HAVE YOU EVER WONDERED how central bankers forecast the impact of shocks on the economy?

time-read
4 Minuten  |
October - November 2021