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Long seen as adversaries, banks and private credit lenders are getting used to working together
Fahy will also lead asset-based finance origination
Direct lending default rates tick higher amid notable distressed situations
A Swiss borrower has already closed books and Austria's Egger will soon
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Limited partners in private credit take a hands-off approach when investing in direct lending funds. But they need to pay attention. -
Direct lending funds are known for protecting their investments with leverage covenants, but the investors in these funds — known as limited partners (LPs) — may be overestimating how much protection they give, market sources warned this week. Silas Brown reports.
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High yield bond investors have been slower to embrace sustainable finance than other areas of the capital markets but the tide could be turning. Asset manager Tikehau has launched a new impact credit fund, focusing on leveraged finance in a bid to push the market towards sustainability.
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Spanish football club Atlético Madrid has signed a €300m US private placement, following its rivals FC Barcelona into the market.
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Investec has hired two new staffers to its growth and leveraged finance team, after launching an inaugural direct lending fund at the start of 2021.
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Rare credits are stepping in to pick up the pre-summer slack, with unusual financial and corporate names returning to a market hungry for new supply.
