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Barclays can afford Tricolor loss but risks remain in the private credit market

Risky lending in an opaque, complex and leveraged part of the financial world is ringing alarm bells“I’m not an entomologist,” said CS Venkatakrishnan, Barclays chief executive, dodging the question everybody is asking: how many cockroaches are about to crawl out of the woodwork in the private credit market?The good news – sort of – for Barclays is that it had only one insect to point to. A £110m loss from lending to Tricolor, the US sub-prime auto lender that has failed amid allegations of fraud, doesn’t look good but Venkatakrishnan could simultaneously trumpet that Barclays avoided that other rotten private credit beast First Brands. Barclays was asked to lend to the stricken autoparts supplier, but didn’t. JP Morgan, taking its own $170m (£127m) hit on Tricolor, said the same last week. Continue reading...

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