Loan Note

Average direct lending fees move higher than last year; fundraising totals low but sentiment remains positive; and BlackRock seeks out value in the credit universe.

The BDC market is facing economic and interest rate headwinds; private credit’s default rate goes up, but remains modest; and Cheyne moves back into SRT market with key hire.

Notes of calm at our PERE Europe event; views diverge on private credit returns; and DWS moves into capital solutions.

Sponsor support for troubled companies can no longer be taken for granted, says Fitch; tokenisation arrives in the infrastructure private funds market; and a rebranded Tiptree is formed.

Investors’ appetite for alternative energy dips a little amid political concerns; Golub finds resilience in the US mid-market; and Blue Owl launches a real estate financing platform.

Fitch puts spotlight on struggling annual recurring revenue loans; KKR identifies a syndicated market fightback versus direct lending; and why geopolitics should be viewed through more of a long-term lens.

2023 returns for US mid-market corporate loans beating long-term averages; ADIA-backed credit platform launches; and survey finds growing concern over regulatory fines.

New European private credit index reveals plenty of positives; Fitch points to uptick in both deal activity and defaults; and Oaktree says opportunistic deals are set to flourish.

The ECB believes commercial real estate debt is an emerging economic risk; Yieldstreet teams up with Wilshire to expand private credit access; and Barings’ woes continue with a BDC outlook downgrade.

S&P report reveals concerns over ‘shadow banks’. Plus: Goldman’s new credit/hedge fund vehicle; and a tough year for European leveraged finance. Here’s today’s brief for our valued subscribers only.