Private Debt Intelligence – 10/31/2016

By THE LEAD | October 31, 2016

Europe-Focused Private Debt Fundraising

The Europe-focused private debt industry has enjoyed substantial fundraising success in recent years and many countries within the region have seen heightened alternative lending activity in the last decade. However, a notable decline in direct lending in 2016 YTD has contributed to a wider slowdown in fundraising activity focused on Europe throughout the year…

Read More

Markit Recap – 10/24/2016

By THE LEAD | October 27, 2016

Credit investors, whether in cash or synthetics, often welcome corporate restructurings by distressed firms. Job cuts, rationalisation of operations and, in particular, asset sales are usually regarded as bondholder friendly actions.

But this ‘wasnt the reaction when Banca Monte dei Paschi di Siena (MPS) announced plans to restructure its ailing business. The Italian bank said that it would reduce jobs by 2,500 – cutting 10% of its staff costs – and close 500 of its 2,000 branches over the next three years. MPS also declared that it would sell its payments processing unit for €520 million…

Read More

Fall Rising

By THE LEAD | October 26, 2016

So far in October, middle market loan activity is tracking for its fourth consecutive month-over-month improvement.

Read More

Private Debt Intelligence – 10/24/2016

By THE LEAD | October 25, 2016

Private Debt Fund Performance by Strategy

Preqin research finds that the performance of the most prominent private debt strategies – direct lending, distressed debt and mezzanine funds – has been robust, although there is clear fluctuation between vehicles of different vintage periods.

Among 2008-2009 vintage private debt funds, it is distressed debt funds that have the highest median net IRR of any strategy, with returns of 14.8%. These funds were making their first investments during…

Read More