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

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

Points up front: Despite the fees, European SME CLOs are the future
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital.

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 

Global mid market CLO league tables: Golub and Natixis lead by a distance
Golub Capital and Natixis dominated the mid market CLO space in 2019 in the manager and arranger league tables, respectively

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

US buyers take punt on Europe's first 2.0 SME CLO
Investors in Be-Spoke Capital’s Alhambra SME Funding 2019-1 are mostly European asset managers, but some banks and US-based institutions also invested in the precedent setting transaction 

SME CLOs arrive in Europe as Be-Spoke prices Spanish loan securitisation
Middle market CLOs have arrived in Europe after Be-Spoke Capital priced the continent’s first post-crisis SME loan securitisation

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.

Be-Spoke one week away from pricing breakthrough SME CLO
Be-spoke Capital has moved a step closer to pricing its SME loan securitisation, with price talk emerging for the forthcoming Alhambra SME Funding 2019-1

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

Europe and US diverge on covenant lite structures
Direct lending is syphoning away traditional loan supply

Direct lenders accused of exaggerating terms in lender education
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees.

UK direct lending deal flow picks up with 99 deals in H1, finds GCA Altium
While loan volumes in the UK were much higher than expected, activity in Germany was lower compared to H1 last year, according to the GCA Altium MidCap Monitor Q2 2019

PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

DWS backs away from planned ESG-style European CLO
DWS has dropped plans to launch a European CLO, sources say. It is unclear why DWS, the asset management arm of Deutsche Bank, has turned its attention elsewhere, but one source says that the capital-intensive nature of putting together risk retention-compliant deals likely weighed on the firm. 

Ares and GSO carry unitranches over €1 billion mark
Flush with cash, European direct lending managers have finally passed the milestone one billion unitranche mark this quarter

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources