Analysis/Financing
UK Covid-19 liquidity support snubs leveraged and mid-market companies
CCFF initiative seems designed with traditional corporate issuers in mind instead of leveraged finance issuers
Acuris coronavirus impact analysis
Assessing the early impact of coronavirus on capital markets and sectors
France: Private debt still thriving despite muted fundraising
Current fundraising pipeline and recent investment statistics suggest the French private debt space is still in rude health
Direct lending growth continues unabated - report
According to Deloitte's latest Alternative Deal Tracker, €22.6bn alternative loan issuance was deployed across 178 deals in H1 2019
German banks lose position to debt funds
Private debt funds have supported the lion’s share of the German mid-market recently, with banks' risk aversion being cited as a key driver
European direct lending up 9% but turbocharged growth wanes
Rate of growth in alternative debt deals slows from 32% in 2017, according to Deloitte's Alternative Lender Deal Tracker
Unquote Private Equity Podcast: Ready, debt set, go
Listen to the latest episode of the Unquote Private Equity Podcast, dedicated to the latest developments in the private debt market
Nordic direct lending makes slow but steady progress
Private debt funds have been rapidly expanding their market share in corporate cashflow lending across Europe, but Nordic progress has been slow
ECB lending guidelines turn one with little to celebrate
Volume of highly leveraged deals continues to rise, while aggressive adjustments on financial metrics follow suit
Private debt picks up steam in Italy
Debt fundraising activity has been vibrant in Italy in recent months with the launch of several vehicles
Mid-market leverage continues upward creep
High price tags, limited assets and cheap debt are helping to push up leverage boundaries in the European mid-market once again
Turbo-charged: How leverage is powering up secondaries
The use of leverage in secondaries has soared, as funds are continually seeking new ways to boost spending power
Private debt funds expand market share in Germany
Growing use of use of first-out, second-out unitranche leads to private debt funds more than doubling their share of German mid-market deals
Perfect fit: The evolving craft of fund financing
GPs are tailoring more complex and plentiful fund finance facilities to their advantage
ECB leverage guidelines: casting too wide a net?
Debt advisory firm Marlborough Partners warns that the guidelines, as they stand, could impact deals with standard levels of term debt
European leveraged loans rocket in Q1 on back of favourable terms
Opportunistic recaps and refinancings, with borrowers taking advantage of lower pricing, led to a 140% uptick in loan volume in Q1
High-yield issuance for PE buyouts hits six-year low
Loan market flexibility and pricing steal the limelight as high-yield market for buyouts raises lowest total since 2010
UK debt volumes drop in Q2 as Brexit puts brakes on issuance
Brexit prospects impacted issuance in the UK in the second quarter, but strong buyout volumes across Europe helped keep loan volumes afloat
Nordic mid-market mezzanine’s malaise
Mid-market mezzanine has been all but entirely squeezed out of the Nordic private equity space
New rules for Italian debt create opening for alternatives
Italy opens up its credit market to European alternative investment funds
Golden age for debt funds in Germany?
Lighter rules for alternative lenders operating in Germany could encourage a wave of deal activity
How private equity is dealing with the debt deluge
Despite jitters in the large-cap space, the European mid-market continues to be flooded with financing options
Danske’s Fromm discusses debt trends in the Nordics
Danske Bank's Lars Fromm says the Nordic market will be more balanced this year between IPOs and M&A
Refinancings surge in Germany
Is the surge in German refinancings – outpacing new deals in 2015 – the sign of a weakening exit market?