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Negotiating terms up front and getting comfortable with the precedent document is key
4 years ago
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants -
Points up front: What’s the word for when agreements evolve?
4 years ago
New jargon has a habit of sticking in the credit market. Perhaps the buzz-phrase of 2019 is ‘covenantive easing’, a term concocted by Churchill Asset Management’s Randy Schwimmer and one that he’s pushing in his Lead Left publication. -
Points up front: Funky fund manager is music to our ears
It’s important for direct lenders to strike a chord with borrowers when they pitch flexible financing solutions. But for Churchill chief executive officer Ken Kencel, it’s equally important to play major chords outside work. -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Bubble-watchers cite the popularity of leveraged lending as evidence against it
5 years ago
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds -
Private credit managers are partially insulated from daily market moves — for them it’s the dough, not the Dow
5 years ago
If asked about credit investing, Yogi Berra might have said take the fork in the road leading to private credit, says our columnist Randy Schwimmer
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