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terms & conditions

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.

Covenants crumble

Covenant-lite has reached a new high at the end of 2018, raising concerns about market risk.

Deal structuring hits confidence

In our annual survey of LPs, investors in private debt expressed more scepticism in deal structuring than investors in other alternative asset classes.

Perils of a private equity bias

Private equity has been crucial to the evolution of private debt as an asset class, but have the two industries become too friendly? John Bakie explores

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.

VIDEO: There is a ‘misalignment of interest’ between PE and lenders

Park Square managing partner Robin Doumar believes market risks have increased over the past year.

Refinitiv’s Fran Beyers: ‘Lenders do not have great visibility’ as 2019 approaches

While 2018 was a solid year for private debt managers, the year is ending on a rockier note than it started, leaving question marks in 2019 for credit shops surrounding their portfolios.

Political and market volatility to dominate 2019

Political and economic concerns will be on investors minds in 2019, but market conditions could begin to favour lenders.

How to negotiate good terms in the lower mid-market

It’s still possible to negotiate decent terms in the lower mid-market, but does that compensate for country and political risks? David Turner seeks to find out
A Lens

Fees are a focus, even in good times

Few private market managers provide fee discounts for early and repeat investors, while credit managers often only provide breaks to those making commitments over a certain amount, Andrew Hedlund finds

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