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.
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.
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.
Competition between traditional banks and direct lenders has forced an evolution of the loan product in the Benelux. This discussion focuses on the dynamics of a competitive market environment and what it means for borrowers.
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.
Mariana Valle
Co-Deputy Editor, Debtwire
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