Dealers power up as tranche trading hits new heights
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support

Direct Lending Perspectives: fundraising takes a hit
European direct lending funds raised just €2.6 billion over the second quarter, according to European Direct Lending Perspectives, the joint report from Creditflux and Debtwire. This is down from the €11.3 billion of capital raised in Q2 2019

Dach mid-market lending is 'back to business', GCA Altium survey reveals
Mid-market lenders in the German-speaking region appear to be back to business, with around 90% of banks and debt funds open to evaluate new financing opportunities, according to a September survey by GCA Altium

Palmer Square debuts in European CLOs with static transaction
Palmer Square Capital Management, a well-known manager of static US CLO deals, is marketing its inaugural deal in Europe with a static CLO format

CSOs start printing again with new money ready to invest
The synthetic bespoke market is putting behind it the turmoil of recent months, with a pipeline of new CSO transactions starting to price and a swelling supply of new money lining up to invest.

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Four managers join forces on gigantic £1.9 billion unitranche
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility

Direct lenders eye 200bp premium in primary market
Deal flow is streaming in for European direct lenders who, despite monitoring portfolios for covid-19 related issues, have one eye on the primary market

Germany's €600 billion aid package and amended insolvency rules line road to recovery
Germany has launched two major initiatives, relevant for direct lenders, to help companies weather the negative financial impact of the covid-19 pandemic, according to Hans Stamm and Angelo Lercara, Munich-based partners at Dechert

UK government approves covid-19 loan scheme for larger businesses
The UK government announced a new covid-19 loan scheme on Friday to support larger firms with annual turnover of up to £500 million

Short-dated CSOs touted as jump-to-default risk hits curves
The coronavirus outbreak has all but vanquished hopes of any regular CSO business getting done, but sources say bespoke portfolios of short-dated CDS could soon be in the offing as investors look to express a view on when the crisis will end.

‘Hoard credit’ says PM as markets swing
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package.

CDS show the way as prices move and volumes surge
CDS volumes provide an eye-opening view of how the asset class has grown in prominence during the coronavirus pandemic, with index trading near doubling year-to-date on 2019, even as secondary bond markets hit lockdown.

Silver lining: credit investors provided with lower entry points than Q4 2018
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them 

EIB buys mezzanine tranche in Commerzbank SRT
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation

European unitranche deal flow increased 11% last year, finds GCA
European direct lending unitranche deals completed in 2019 increased by 11%, according to GCA Altum's Q4 2019 MidCap Monitor, marking a record year for the industry 

CSO arrangers take notes from success of CLOs
CSO arrangers are looking to follow the CLO template in more ways than one, with sources indicating that some dealers are looking to structure their deals in note format (as opposed to swaps).

Euro loan trading: CLO managers find a home for building specialist's downsized loan
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan

CBAM plans expansion with new $60 million credit facility
CBAM has closed a $60 million credit facility to refinance a working capital facility to its parent company Eldridge Industries

European Direct Lending Perspectives: fundraising records shatter
Fundraising in European direct lending hit €32.2 billion in September to mark a record-breaking year for the industry, according to the latest version of European Direct Lending Perspectives

CSO arrangers look to build on $65bn of issuance in 2019
The synthetic bespoke tranche market this year has fallen short of expectations in terms of overall issuance volume, but ends with transformative inroads being made.

Direct lenders start to overcome bank dominance in Spain
Spain is becoming a popular destination for direct lenders — despite the competitive terms offered by local banks. Sources say that borrowers are starting to look beyond pricing to ease of execution and flexible documentation.

NNIP's private debt head moves to private equity job
The team leader for direct lending, loan portfolio financing and non-performing loan securitisations at NN Investment Partners has moved to a senior private equity job at AnaCap Financial Partners

European CLO managers join tussle for high-quality loans
CLO managers which have been looking to de-risk their portfolios may have a fight on their hands if they seek to get hold of higher-quality paper in the primary market.