Past Returns: German direct lending’s overhaul17 days ago
In Creditflux five years ago we reported on German fund managers campaigning against regulations which dictated that funds require a banking licence to act as direct lenders. In 2016 they got their way as the German Banking Act stipulated that the banking licence requirement would not be imposed if a direct lender was authorised under the Alternative Investment Fund Managers Directive.
Investors are very focused on ESG: it’s driving them and us, and rightly so17 days ago
My career in credit began just over 20 years ago, working in KPMG’s restructuring team and advising banks on their troubled loans. It was a pretty steep learning curve as every company was teetering on the edge of bankruptcy. But I learned that controlling cash flow is vital and how to prioritise what’s most important about a company. I still use those same skills every day.
- It’s important for direct lenders to strike a chord with borrowers when they pitch flexible financing solutions. But for Churchill chief executive officer Ken Kencel, it’s equally important to play major chords outside work.
There’s pain to come for those who have become too greedy2 months ago
Stephen Catling of Connection Capital takes our credit quiz
PE hold periods have shrunk but fast acquisitions can lead to botched integrations2 months ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money
Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in3 months ago
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences
Experience has taught me to be sceptical of second lien loans4 months ago
Alex Jackson takes our credit quiz
Points Up Front: The best opportunities are way, way over there4 months ago
Competition was a big theme at last month’s Creditflux European Direct Lending conference. The market has evolved to the point where new entrants are on the fundraising trail, which could lead to a compression in any illiquidity premium prevalent in direct lending loans
Bubble-watchers cite the popularity of leveraged lending as evidence against it4 months ago
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds
They said it: "Patience, prudence and vigilance"4 months ago
At Creditflux’s European direct lending event, Cheyne Capital’s Anthony Robertson reveals his top tips for managing in credit today
Being the only provider in a deal allows us to be closer to the company5 months ago
Tikehau's Cécile Mayer-Lévi takes our credit quiz
We have a completion rate of around 4% of transactions we see5 months ago
Ares' Mike Dennis takes our credit quiz
Private credit managers are partially insulated from daily market moves — for them it’s the dough, not the Dow6 months ago
If asked about credit investing, Yogi Berra might have said take the fork in the road leading to private credit, says our columnist Randy Schwimmer
Loans have changed. Leverage and docs are different. So what does this mean for recoveries?7 months ago
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination
Without a single dollar being raised, future loan supply dwarfs current demand by as much as 10 to one9 months ago
There’s plenty to be spent on mid market loans, but it’s still not enough to cover the $1 trillion of financing likely to be required, says our columnist Randy Schwimmer
They said it: Australia's credit market is like a blast from the past11 months ago
Revolution’s chief investment officer Bob Sahota describes the opportunities in the Australian private debt markets
No one wants to be middle of the road in mid market1 year ago
The middle market is a vast space — so much so that it’s not enough to be described as a mid market lender
No one knows when the next downturn will come, but for now we can hope for a soft landing1 year ago
Our columnist, Churchill Asset Management's Randy Schwimmer, addresses the question that is baffling credit market participants: exactly where are we in the credit cycle?
They said it: BSL loans and mid-market loans are basically the same thing1 year ago
A US CLO portfolio manager is heard putting himself forward for a direct lending fund management role..
With the right connections, you can find attractive loans1 year ago
Demand for middle market loans has been huge, so why have spreads widened? Our columnist and Churchill Asset Management's head of origination Randy Schwimmer explains all
Staying afloat in credit takes care and character1 year ago
In his final article, our columnist sheds light on his identity and has some 'nice' advice for those navigating credit’s changeable oceans
Points up front: the best way to source direct lending loans is to sit and wait1 year ago
Spend a few minutes in the company of a direct lending manager and you’re sure to hear about the lengths to which funds go in order to source deals (one firm said that it operates a call centre in order to contact borrowers). Not so Pascal Meysson, managing director at Alcentra.
European direct lending may not be as European as it seems1 year ago
In European direct lending, raising capital has become the easy part of a manager’s job. But deploying that capital is more difficult, says Diala Minott, a London-based partner at law firm Paul Hastings
The creditors' ball and making your own weather1 year ago
Our columnist Randy Schwimmer sums up the key takeaways from the "Davos of credit"
Join the debate: is Christopher Nolan moonlighting for Creditflux?1 year ago
A story last month on direct lender Prestige caused one reader to draw comparisons with a script from film director Christopher Nolan
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