Loan Note

LGT gives greater focus to biodiversity in due diligence process. Plus: Fitch finds M&A volume on the up; and Oaktree delivers latest market observations.

European default rates continue to rise and are now higher than during the financial crisis. Plus: firms are being hit with governance fines; and the ECB raises concerns about real estate valuations.

Direct lenders have become so large they now compete with public markets for deals. Plus: Kennedy Lewis carves out Gibraltar’s real estate investment team; and leveraged loan markets have a record quarter.

Borrowers’ interest coverage ratios are being eroded, but strong performance is coming to the rescue. Plus: new hire and fund launch for ACME; and Deutsche lines up possible real estate loan sale.

BlackRock ponders likely rate cut outcomes. Plus: Fitch sees defaults rising; and AXA IM Prime takes a stake in a French infrastructure manager.

Schroders Capital reveals areas of most interest as investors continue to be driven by desirability of income. Plus: Carlyle and KKR’s student loan deal highlights ABF trend; and Hayfin announces Arctos-backed MBO.

Schroders and one of the UK’s largest defined contribution pension providers agree private markets initiative. Axos fund finance appoints ex-Citi exec; and CVC prices latest CLO.

Private credit defaults increased in the second quarter while Deutsche Bank reveals higher than expected loan losses in the real estate sector. Plus: MSCI launches a suite of private markets indexes.

Hints of an improved picture for fundraising in our H1 data; Houlihan Lokey finds European yields trailing the US but beating broadly syndicated loans; and Deerpath upsizes a CLO.

Moody’s highlights ongoing regulatory concerns around private credit; Temasek unit adds ADM Capital to its fund manager roster; and why sports are ripe for private lending.