As we conclude our European private credit series, let’s review what we’ve learned so far:

- Europe suffered a similar Covid slump (and enjoyed a similar rebound) as the US. Yet Europe also retained the country-by-country distinctions they had pre-Covid. The recovery in all capital markets was swift; deal volumes are now at record highs.

- Pricing in the US and across the pond is fairly close. Though European upfront fees are higher, certain credit terms are decidedly more issuer-friendly. Banks have been more aggressive than direct lenders in some locales relative to others.

- Issuers and investors toggled less between US and Europe than pre-Covid, but that could rebalance in the medium-term...

“The market is starting to look more closely at what is going on in the rest of the world, and [it’s] made a lot of investors nervous.” – Gennadiy Goldberg, senior US rates strategist, TD Securities.

Featuring Charts

Chart of the Week: Taking a Breather

July 29, 2021

Fundraising for European direct lending almost doubled since 2015, hit Covid, but is on the mend.

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Chart of the Week: Fund Stuff

July 20, 2021

Fundraising for private debt in both US and Europe was strong coming into Covid, fell off, but is recovering.

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Chart of the Week: Terms and Conditions Apply

July 13, 2021

Lincoln’s illustrative terms for “reasonably strong” senior and unitranche credits are generally consistent by country.

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Chart of the Week: It Takes 𝘜𝘯 𝘝𝘪𝘭𝘭𝘢𝘨𝘦

July 6, 2021

Non-bank European lending AUM is almost $160 billion, including about $50 billion of dry powder.

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Chart of the Week: Two of a Kind

July 1, 2021

The relative yields-to-maturity of institutional term loans in the US vs. Europe have narrowed during Covid.

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Chart of the Week: Rebound Zone

June 24, 2021

As in the US, European manufacturing and services has jumped higher than pre-Covid levels.

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Leveraged Loan Insight & Analysis – 7/19/2021

Middle market cov-lite volume reaches highest level since 4Q19 Middle market covenant-lite volume was tracked at US$1.71bn in 2Q21, the highest level since 4Q19’s mark of US$1.75bn. Totals represented a 155% increase over the $670m tracked in 1Q21. The jump comes as the middle market lending arena remains ultra-competitive, characterized by lower pricing, higher leverage

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