Online Unitranche & Alternative / Direct Lending Course by Redcliffe Training

Описание: Direct lending in general and Unitranche, in particular, continues to make significant inroads across Europe over the last 12 months reporting YOY growth of 22% (source: Deloitte, Alternative Deal Tracker).

Growth has been driven by numerous favourable factors. First, the relaxation on direct lending in France, Germany and Italy; second, the ECB restrictions on leveraged debt (which affects mainly banks but not direct lenders) and third, the large amounts of capital which continue to make their way into funds which is often augmented by fund-investors willing to co-invest in large-ticket individual deals. Together these trends have seen direct lending carve out nearly 50% market share of mid-market deals in the UK and Germany whilst France is second in terms of number of deals*. Moreover, direct lenders are gaining traction in other European markets, particularly the Netherlands, Spain and Italy*.

However, the funds have not had it all their own way as debt markets have remained highly liquid with copious amounts of funding available from both the traditional bank-driven loan markets and the high yield bond market. Together these forces have exerted downward pressure on both margins and terms for all lenders across all sectors including.

In response, funds have scaled up their activities in terms of fund size in order to fund ever larger transactions and loans over 1$ billion (e.g. Daisy Group) are now available from certain funds (Ares and GSO to mention two).

Learn how to review Key Trends, Structures, Documentation & Topical Issues for Direct Lenders, Banks & Borrowers

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