Golub Capital BDC looks to become fourth largest publicy traded BDC with merger
Golub Capital is seeking approval from its shareholders to merge its Golub Capital business development company (GBDC)  with another one of its business development companies, Golub Capital Investment Corporation (GCIC)

Regulators suggest clampdown on UK loans
The Bank of England recently raised alarms about the state of the UK leveraged loan market, drawing parallels to the growth of the US sub-prime mortgage market

BDCs turn to CLO financing as effective alternative to bilateral leverage agreements
Business development companies now have the ability to take on an extra turn of leverage, but rating constraints mean they could end up using CLOs instead

Unitranche deals set to grow with creation of uniformity
European direct lenders have been given a boost with the Loan Market Association establishing a new precedent unitranche intercreditor agreement to govern the relationship between credit funds and banks

Direct lender endorses PE fund guidelines after bringing in ex-ILPA CEO
Star Mountain Capital has endorsed ILPA’s (Institutional Limited Partners Association) private equity principles in a bid to promote transparency in the private equity fund industry

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

Not all BDCs will be winners after the borrowing cap is raised
BDCs will soon be able to take on twice as much debt as they were previously permitted, but some BDCs may struggle to take advantage

Good news for BDCs as congress doubles leverage limits
US lawmakers have granted business development companies (BDCs) the ability to borrow more – a move for which the BDC industry has been pushing for years

Ireland follows Luxembourg and relaxes loan fund rules
The Central Bank of Ireland is now permitting LQIAIFs to engage in broader credit-focused strategies - which opens the door for direct lenders 

Loan managers pile into BDCs amid possible change to leverage ratios
Golub Capital Partners and TCW are among those to have launched new BDCs as regulators look to revamp leverage limits

Direct lending managers flock to unregulated fund structures
Direct lending managers are seeing the benefits of using unregulated fund structures

Direct lenders eye opportunities in Germany’s lower mid market
Direct lending in Germany may be about to flourish, with regulatory changes encouraging fund managers to step into what had been considered an over-banked market

Euro loan managers breathe easy as ECB adopts US-style lending guidelines
The ECB has, to some extent, relented and provided loan market participants with a greater degree of flexibility after this morning posting the final guidance for leveraged lending in Europe

ECB's crackdown on leveraged lending clears the way for direct lenders
Regulator's plans to limit debt to ebitda ratios in loan transactions could drive traffic out of the capital markets and towards lending funds

European regulators move on direct lending
Ireland and Luxembourg make it easier for managers to set up direct lending funds