Asia lantern
The role of private and non-bank lenders in financing small and medium-sized enterprises is diminishing because of mounting stress signals and perceived risks, reports Adalla Kim
Cheap, borrower-friendly loans proved a comfort to LPs and GPs at SuperInvestor, despite sentiment indicators ticking down this year.
The relentless march of alternative lenders is being challenged by an old foe that appears newly invigorated.
Flag of Germany
After something of a lull, German LBO deals have seen a surge as banks got behind add-on financings and re-financings in the third quarter.
There are signs that a big potential source of dealflow may be starting to develop in the private debt market.
Falling deal numbers have not hampered the rate of capital deployment which is set to reach record levels.
As US federal leveraged lending guidance statutes have become a thing of the past, banks are showing a willingness to compete with direct lenders.
Volatility has made unitranche an appealing option in a market where some syndicated deals are requiring an increase in pricing to get across the finish line.
The number of European private credit deals has more than doubled in just six years, with the UK still leading the pack, but France quickly catching up.
The combination with one of the firm's private BDCs, expected to close later in September, will create one of the largest publicly traded BDCs.

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