- Direct lending (13)
- Emerging markets (1)
- High yield bonds (6)
- Investment grade credit (4)
- Structured credit (19)
- CLO (8)
- Credit derivatives (16)
- Leveraged loans (15)
- Marketplace lending (1)
- Real assets (1)
UK government approves covid-19 loan scheme for larger businesses2 days ago
The UK government announced a new covid-19 loan scheme on Friday to support larger firms with annual turnover of up to £500 million
‘Hoard credit’ says PM as markets swing6 days ago
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 surge6 days ago
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.
Short-dated CSOs touted as jump-to-default risk hits curves6 days ago
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.
Silver lining: credit investors provided with lower entry points than Q4 201821 days ago
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 SRT1 month ago
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 GCA1 month ago
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 CLOs2 months ago
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 loan2 months ago
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 facility3 months ago
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 shatter3 months ago
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 20193 months ago
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 Spain5 months ago
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 job5 months ago
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 loans6 months ago
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.
ABS investors show increased interest in green securitisations to reach EU climate targets6 months ago
Securitisation is being touted as a tool to help close the yearly investment gap of €180 billion needed to achieve the EU’s climate and energy targets by 2030, as identified in the European Commission’s sustainable finance action plan, which was published last year.
PE firms take hands-on approach to syndication6 months ago
European private equity firms are building out their debt capital market capabilities in a move which could radically improve information flow.
Prepayments pose reinvestment dilemma for CLO managers7 months ago
CLO managers globally could be left sitting on piles of cash amid an uptick in loan prepayments. Standard & Poor’s reported that institutional US loan prepayments had hit $26 billion in July, and more recently some widely-held CLO names are set to return principal to lenders, with financial data provider Refinitiv US Holdings and Italian telecom operator Wind Tre taking this route.
Credit traders' kickstand: Europe ascendant as high yield pipeline returns7 months ago
The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months
Europe and US diverge on covenant lite structures7 months ago
Direct lending is syphoning away traditional loan supply
Direct lenders accused of exaggerating terms in lender education8 months ago
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.
Borrowers promise to pay penalty if they breach ESG targets8 months ago
Loan investors are incentivising companies to improve their environmental, social and governance (ESG) performance by linking the financial terms of a loan to the ability of the borrower to meet predetermined sustainability targets.
UK direct lending deal flow picks up with 99 deals in H1, finds GCA Altium8 months ago
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
ResponsAbility closes impact securitisation at $175 million8 months ago
ResponsAbility, a Zurich-headquartered impact assessment manager, has closed a $175 million securitisation of loans to microfinance and SME-finance providers in emerging markets
UK transitions to post-Libor era with array of Sonia-linked deals9 months ago
The UK’s structured finance market has moved to swiftly embrace the daily compounded benchmark Sonia (Sterling overnight index average) ahead of the 2021 phase out of Libor.
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