April 2019 issue

Further pan-regional regulation of non-bank lending is unnecessary, a new white paper argues. It’s time to look at the smaller picture within individual member states.

Private credit has come a long way in a short space of time. But how are increasing fund sizes, more flexible terms and the prospect of a more difficult economic environment shaping the way managers are approaching the market?

Comparing long-term performance finds that private debt holdings can generate superior returns to both fixed income and equity.

With record amounts of capital to deploy, managers are eyeing opportunities on the continent. We examine some of the potential areas of focus and how the market differs across the Atlantic.

While leveraged loans and the upper mid-market possess worrying features, there remain compelling opportunities off the beaten path, finds Andrew Hedlund

The region's direct lending market has grown over recent years, but the structures that prevail retain a distinctive character when compared with the US.

Jess Larsen of FIRSTavenue charts the evolution from ‘idiosyncratic alpha’ to cost-efficient beta, and the impact this is having on fees

Richard Zall and Gary Creem, partners with Proskauer, explain why healthcare has become one of the major areas of focus for private debt investors.

Terminology around senior loans has become increasingly obscure. Consequently, there are calls for it to be standardised, finds David Turner

Amid record levels of fundraising and an evolving deal market, Proskauer partners Alex Griffith, Faisal Ramzan and Ben Davis examine how private debt's role is shifting on the continent.

More attractive deal terms and the ability to be highly selective are among the reasons why investors are increasingly tempted to diversify into the smaller end of the market, maintains Jaime Prieto of Kartesia

Lenders are pushing back against overly generous deal terms, but it is easier said than done, and there are various pressure points for deal makers.

Monroe Capital’s Ted Koenig outlines the catalysts that will keep the deal and credit markets humming in 2019

With abundant liquidity, deal terms have been loosening in both the US and Europe. Stephen Boyko and Faisal Ramzan look at the sectors and geographies holding promise for lenders amid this atmosphere.

Buyers are demanding higher-rated tranches in response to what they see as a lack of liquidity in the leveraged loan markets.

Technology businesses are increasingly offering attractive opportunities to private debt investors with the right experience and specialist knowledge. We speak to Jim Miller, a partner with global alternative asset manager Ares Management.

With Brexit and European elections due to be over in the coming months, legislators will be looking again at Brussels’ regulatory agenda, and private credit managers are urging them to break down barriers. By John Bakie

The private credit market in Africa may be relatively small but is playing an integral role in helping to fill the capital gaps left by the continent’s banks. Rebecca Szkutak reports

Speculation is rife about the ending of the cycle and what political developments may be coming round the corner. Alex Schmid of ESO Capital is staying focused on doing deals others overlook