Loan Note: Mixed signals in European unitranche; default rate may have peaked

European unitranche activity edges down but hopes are high; S&P expects a modest decline in the default rate; and Dawson steps in to provide liquidity for Churchill.

They said it

“Delistings, buyouts, spinoffs and asset sales continue to accelerate as management teams restructure operations in pursuit of the higher returns demanded by shareholders, regulators and activists”

The latest version of Carlyle Group’s Carlyle Compass comments on a dynamic investing environment in Japan.

First look

Light at the end of the tunnel

European unitranche dips, but signs of improvement  

Unitranche activity in Europe recorded a decline in the first quarter of this year – but there is optimism for the year ahead, particularly in the UK, where there were hints of a revival.

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