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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

Chart of the Week: Rebound Zone

June 24, 2021

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

Read More

Subscribe Now!

Join the leading voice of the middle market. Try us free for 30 days.

Click here to view the Newsletter sample.

What is the Lead Left?

  • One-stop source for deals and data
  • Market trend commentary and analysis
  • Exclusive interviews with thought leaders

Subscribe now

View Article By


Leveraged Loan Insight & Analysis – 7/26/2021

Refinitiv LPC’s Quarterly Lender Survey: Are you able to adequately engage with your clients/co-workers? As more people are heading into the office, six percent of large corporate buyside and sellside lenders surveyed by Refinitiv LPC said that the quality of engagement is better now given that they can find ways to meet in person or

View Article

DL Deals: News & Analysis – 7/26/2021

Sponsors demanding larger DDTLs to act quickly in today’s buying bonanza Sponsors are demanding larger delayed-draw facilities so they can act quickly in today’s buying bonanza. Auctions have gone from a three-month process to about half that time or shorter in some cases. It’s much easier to hit a DDTL than go back to the

View Article

Private Debt Intelligence – 7/26/2021

Buyouts prevail in North American consumer discretionary Consumer discretionary has seen the largest number of deals in private debt in North America, with 1,022 deals and aggregate deal value of $103,7bn. The largest number of private debt deals have been part of buyouts, with 314 deals worth $38.2bn since 2016....

View Article

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

View Article

Private Debt Intelligence – 7/19/2021

High number of PD funds in market due to direct lending Both the number of private debt funds in market and the amount of capital targeted continued to rise through H1 2021. As of July 2021, private debt managers are targeting $295bn across 651 funds. Year-on-year growth has more than doubled 2017’s number of funds

View Article

Middle Market Deal Terms at a Glance

provided by

spp capital partners logo

2H 2021 Midyear Outlook Report

July 29, 2021

Economic and Market Overview Broadly Syndicated Market-Observations A View on Private Credit Login to view interactive report and download PDF version. ...

Special Report: 2020 – A Year of Surprises

June 17, 2021

Beginning in January 2021 The Lead Left published a series of articles on the five biggest private capital surprises of 2020. This report consolidates those articles.

Special Report: SPACs – A Primer

March 31, 2021

Beginning in November 2020 The Lead Left published a series of articles on special purpose acquisition companies (SPACs). This report consolidates those articles.