Private Debt News

Annual profits plummeted 52 percent.

BNP Paribas expanded further into the fast-growing $1.7T private credit market as it seeks to raise €1B ($1.1B) for a new direct-lending fund, according to a media report dated Wednesday.

Mezzanine deals are predicted to surge this year, as high interest rates and tighter credit conditions present opportunities for lenders. Mezzanine debt bridges the gap between senior debt and equity financing and is one of the higher-risk forms of debt, producing returns of up to 20 per cent. It had been through a decade-long period […]

Die Schweizer Privatbank Julius Bär hat das größte Einzelengagement aus ihrem Private-Debt-Kreditbuch in Höhe von rund 600 Mio. Euro vollständig wertberichtigt, das der insolventen Signa-Gruppe zuzuordnen ist. Konzernchef Philipp Rickenbacher nimmt seinen Hut.

Speaking of recoveries: With the increased interest in private credit comes additional focus on how this opaque (unrated) asset class will perform in worst-case scenarios. Blue Owl Capital — a major player in the space — says recoveries on direct lending deals are projected to be roughly 75%, considerably higher than some projections for the […]

Benefit Street Partners (BSP) announced the final closing of its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Consistent with prior vintages, this fund seeks to generate attractive risk-adjusted returns by investing primarily in privately originated, floating rate, senior secured loans.

In this report, we discuss the evolution and current state of the European private credit market, compare broadly syndicated loan and MM CLOs, and explore other types of lending facilities to private debt portfolios. KBRA has a unique insight into the landscape and trends in private credit. A comprehensive list of KBRA publications on private […]

Der Morgan Stanley Direct Lending Fund gab am Dienstag bekannt, dass er bei seinem Börsengang 103,35 Millionen Dollar eingenommen hat.

“There’s a growing differentiation between asset gatherers and true credit investors.”

The accommodating US syndicated loan market saw another wave of opportunistic activity this week with some 20 speculative-grade borrowers (at last count) slashing costs of debt via a repricing, including Buckeye Partners and Jazz Pharmaceuticals. Another measure of market intensity: Dividend deals—where a PE shop loads a portfolio company with additional debt, distributing the loan […]

Banks are set to score a victory against direct lenders by poaching a private debt loan and announcing its refinancing in the broadly syndicated loan market as soon as next week, with more trades set to follow the migration into the cheaper public markets.