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They said it: "Risky unmarked things are not not-risky. It will end in tears"
In response to a Creditflux article published on 23 October ('NEPC sees bias towards private markets despite lower return expectations'), an anonymous comment warned of the dangers of direct lending.4 years ago -
For a while, it seemed like every private equity fund was launching a credit fund
Trent Webster, Senior investment officer for strategic investments, State Board of Administration of Florida, takes our credit quiz4 years ago -
Past returns: From zero to $7.6 billion in five years
4 years ago
Five years ago in Creditflux we reported that Angelo Gordon was planning to move into US direct lending. Shortly after that the firm created a middle-market subsidiary known as Twin Brook Capital Partners and drafted in Trevor Clark and Chris Williams to lead the venture after the pair had left Madison Capital in 2013. -
Negotiating terms up front and getting comfortable with the precedent document is key
4 years ago
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants -
Points up front: What’s the word for when agreements evolve?
4 years ago
New jargon has a habit of sticking in the credit market. Perhaps the buzz-phrase of 2019 is ‘covenantive easing’, a term concocted by Churchill Asset Management’s Randy Schwimmer and one that he’s pushing in his Lead Left publication. -
Investors are very focused on ESG: it’s driving them and us, and rightly so
4 years 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. -
Past Returns: German direct lending’s overhaul
4 years 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. -
Points up front: Funky fund manager is music to our ears
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 greedy
4 years ago
Stephen Catling of Connection Capital takes our credit quiz -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years 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 in
4 years 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 loans
5 years ago
Alex Jackson takes our credit quiz -
Points Up Front: The best opportunities are way, way over there
5 years 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 it
5 years 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"
5 years 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 company
5 years ago
Tikehau's Cécile Mayer-Lévi takes our credit quiz -
We have a completion rate of around 4% of transactions we see
5 years 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 Dow
5 years 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?
5 years 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 one
5 years 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 past
5 years 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 market
5 years 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 landing
5 years 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 thing
6 years 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 loans
6 years 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
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