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Dach mid-market lending is 'back to business', GCA Altium survey reveals
3 years ago
Mid-market lenders in the German-speaking region appear to be back to business, with around 90% of banks and debt funds open to evaluate new financing opportunities, according to a September survey by GCA Altium -
Direct lenders turn to attractive non-sponsored deals
3 years ago
Non-sponsored deal flow has increased in August and lenders are grabbing the opportunity. These deals typically exhibit a premium to sponsored deals, but with plenty of cash chasing middle market M&A, lenders have previously found quality deals tough to find -
Credit Rendezvous: record fiscal stimulus provides pick-me-up
3 years ago
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market -
Four managers join forces on gigantic £1.9 billion unitranche
3 years ago
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility -
Direct Lending Perspectives: deal flow slumps to €2.5 billion in Q1
3 years ago
European direct lending deal volumes slipped to €2.49 billion in the first quarter, according to the latest European Direct Lending Perspectives report -
Direct lenders eye 200bp premium in primary market
4 years ago
Deal flow is streaming in for European direct lenders who, despite monitoring portfolios for covid-19 related issues, have one eye on the primary market -
Germany's €600 billion aid package and amended insolvency rules line road to recovery
4 years ago
Germany has launched two major initiatives, relevant for direct lenders, to help companies weather the negative financial impact of the covid-19 pandemic, according to Hans Stamm and Angelo Lercara, Munich-based partners at Dechert -
UK government approves covid-19 loan scheme for larger businesses
4 years ago
The UK government announced a new covid-19 loan scheme on Friday to support larger firms with annual turnover of up to £500 million -
Lenders look at MAC clauses amid revolver demand
4 years ago
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers. -
Fed unveils IG bond buying programme and direct lending plans
4 years ago
The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses -
BDCs tap bond market to improve funding mix
4 years ago
A plethora of business development companies have turned to the institutional bond market to refinance their debt. -
EIB buys mezzanine tranche in Commerzbank SRT
4 years ago
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation -
European unitranche deal flow increased 11% last year, finds GCA
4 years ago
European direct lending unitranche deals completed in 2019 increased by 11%, according to GCA Altum's Q4 2019 MidCap Monitor, marking a record year for the industry -
European Direct Lending Perspectives: fundraising records shatter
4 years ago
Fundraising in European direct lending hit €32.2 billion in September to mark a record-breaking year for the industry, according to the latest version of European Direct Lending Perspectives -
Direct lenders start to overcome bank dominance in Spain
4 years ago
Spain is becoming a popular destination for direct lenders — despite the competitive terms offered by local banks. Sources say that borrowers are starting to look beyond pricing to ease of execution and flexible documentation. -
NNIP's private debt head moves to private equity job
4 years ago
The team leader for direct lending, loan portfolio financing and non-performing loan securitisations at NN Investment Partners has moved to a senior private equity job at AnaCap Financial Partners -
Europe and US diverge on covenant lite structures
4 years ago
Direct lending is syphoning away traditional loan supply -
Direct lenders brace themselves for distressed opportunities
4 years ago
Credit managers are launching distressed vehicles with a twist by narrowing their focus down to the direct lending market. -
Direct lenders accused of exaggerating terms in lender education
4 years ago
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees. -
UK direct lending deal flow picks up with 99 deals in H1, finds GCA Altium
4 years ago
While loan volumes in the UK were much higher than expected, activity in Germany was lower compared to H1 last year, according to the GCA Altium MidCap Monitor Q2 2019 -
Upper mid-market yields value on price and leverage
4 years ago
Direct lenders are getting access to greater deal flow in the upper middle-market with private equity sponsors leaning towards private credit after a torrid end to last year in the broadly syndicated loan market. -
WhiteRock's Dolfino: "PE deal flow is down, deal sizes are up and spreads are compressing" [video]
4 years ago
WhiteRock Capital Partner's Gustavo Dolfino talks to Creditflux's Michelle D'souza after his M&A presentation at the Creditflux Debtwire US Mid Market Forum -
Ares and GSO carry unitranches over €1 billion mark
5 years ago
Flush with cash, European direct lending managers have finally passed the milestone one billion unitranche mark this quarter -
Spanish bank prices €972 million SRT with triple As paying 31bp
5 years ago
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources -
Direct lenders flock to Munich as German deal flow picks up
5 years ago
German private debt is attracting a growing number of fund managers. Market sources say that deal flow through the first half of the year was at 65% of 2017’s total and had surpassed the number of private debt deals executed by funds in each of the previous five years
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