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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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European and US direct lending’s insatiable rise to relevance has so far not brought with it a push towards sustainable finance. But this year may be different, as certain private debt funds are setting out ESG blueprints for others to follow. -
KKR has appointed a new partner to help manage its private credit business.
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.
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Some small UK housing associations are preparing to launch private placements, breathing life into the product after a month of next to no deal flow.
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German car part maker Stabilus began marketing a Schuldschein on Monday, as many consider whether the automotive sector should be back on investors' buy lists.
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Several industries once popular with direct lenders have struggled to cope through the coronavirus. Now, direct lenders say they have toughened terms for borrowers from these sectors.
