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Specialty finance: niche to know

In the days of covenant-lite deals, asset-based lending provides refreshingly favourable terms for lenders with the requisite expertise.

It’s clear borrowers still hold the balance of power

Investors are not passive, but terms in the leveraged loan market are still weighted strongly against them.

Walking a fine sub-line

The use of subscription line financing by private debt managers has been an area of controversy, but market experts say its rise is inexorable.

Headwinds for European leveraged loans hampered Q4

With issuers deterred by volatility and investors beginning to push back against bad terms, high yield bonds and leveraged loans took a dive in the final quarter of last year.

Strength in numbers could be game-changer for lenders

A new organisation has been formed that may help create a more equal relationship between borrowers and investors in Europe.

2019 in North America: These deals keep on turning

US private equity activity is likely to continue apace whatever happens to the economic and credit cycles.

The borrower’s market revealed

Loan terms and covenants have weakened during 2018, making it a good time to borrow.

When it comes to EBITDA, lender beware!

With concern increasing over various deal terms, Paul Johnson of EQT Credit warns of the growing trend of inflated earnings figures.

WATCH: ‘One to two years’ before distressed cycle – Lasry

A benign economy won't last forever, with high leverage and rising interest rates meaning that the cracks are already appearing. PDI caught up with Avenue Capital's Marc Lasry in this three-minute video.

Time to join the march of the robots

Private debt managers need to accelerate their take-up of new technologies to avoid becoming yesterday’s news.

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