Commentary

The State of Private Credit in Europe  (Last of a Series)

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.

The State of Private Credit in Europe  (Sixth of a Series)

Our Chart of the Week, courtesy Preqin, highlights how both US and European fundraising for private debt came into Covid with a head of steam. That momentum slowed in the wake of the pandemic last year. Since then, however, things have picked up. Our content partner, Private Debt Investor, recently published some excellent commentary related

The State of Private Credit in Europe  (Fifth of a Series)

This week we continue our conversation with members of Lincoln International’s Capital Advisory Group, managing directors, Aude Doyen, Xenia Sarri, and Dominik Spanier. “US and Europe are competing markets,” Ms. Sarri told us. “The US was increasingly aggressive when I first came here, but six years later terms are more favorable in Europe. For instance,

The State of Private Credit in Europe  (Third of a Series)

For a sense of overall credit conditions, we tuned last week into the European Leveraged Finance Mid-Year Update hosted by Fitch. The discussion – covering the economy, ratings, covenants, and structures – was virtually indistinguishable from recent US market conferences. Apart from these panelists’ distinguished accents. For example, activity for leveraged loans in Europe has

The State of Private Credit in Europe  (Second of a Series)

Our fondness for colorful metaphors led us, in our 2016 series, to compare European direct lending to Burger King’s new hot dog venture. The burger giant’s thesis was to apply “sixty years of flaming-grilling expertise,“ but also recognized they’d have to “chop the onions a little differently.” Apparently, hamburger prowess didn’t translate to frankfurters. The

The State of Private Credit in Europe  (First of a Series)

Say what you will about last year’s Covid-induced downturn in the US beginning in March. But it paled in comparison to the UK’s economic cratering. Not since the Great Frost of 1709 had that proud nation suffered such a dramatic slump. Europe, in various degrees, followed suit. But then, like the US, Europe and the

Inflation Nation (Last of a Series)

“We are in a new era with the Fed. They have a new reaction function…[and] this is their first trip around the track with it.” – Anne Mathias, senior strategist, Vanguard. Inflation, or the threat of it, presents challenges for both regulators and investors. Higher inflation generally impacts fixed income assets negatively as increased rates

Inflation Nation (Third of a Series)

As part of our continuing inflation series, we caught up with Joseph Lavorgna, Natixis’ chief US economist, who just returned from a stint as chief economist of the National Economic Council. “People forget what real inflation is,” he told us. “I was seven years old during the oil embargo in the 1970’s when there were

Inflation Nation (Second of a Series)

We continue our special series on inflation speaking with Nuveen’s chief investment strategist, Brian Nick. Brian, there’s a lot of attention being paid by markets to inflation risk. Is this warranted? “Prices of certain goods and services in the U.S. are rising for a variety of reasons, all of which we believe to be transitory.