Direct Lending
LPs focus on direct lender behavior ahead of expected downturn in competitive US market
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Direct lenders have become an equal alternative to bank lending in Europe, taking close to half of all deal flow in 2018.
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Spread of stretched senior funds risks cannibalising unitranche pricing
With banks fighting hard to keep hold of their turf, offering competitive leverage on deals, asset managers are increasingly looking to stretched senior financing as a way to compete in a level playing field. But with a rising number of players expected to offer the 5-6% stretched senior in 2017, the new debt solution risks doing to the unitranche what second lien did to mezzanine.
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Tie-ups may be part of the future, but how can banks and funds really work together?
Emma Roche of Debtwire chaired a head-to-head debate between HSBC and Ares Management to level some of the views held by banks and direct lenders about each other.
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Video: Will direct lenders eat our lunch?
Watch the full panel discussion from Debtwire's European High Yield Forum. My Debtwire Events account holders can watch the full video recording of the debate. Login or sign-up for a free account to watch.
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Podcast: Kirkland & Ellis partner Justin Solomon talks direct lending
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Video: What terms can you get from pan-European lenders?
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Funds go small, large or complicated to secure yield as EUR 50m bracket gets competitive
Direct lenders’ promises to investors of high-yielding returns are becoming increasingly tougher to achieve.
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With competition continuing to flood the mid-market lending space, banks and funds are forging new linkups to secure their place in the market and get one step ahead of their peers.
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