Covenants

Talking point: The puzzle over LIBOR’s successor

There is no uniform view on what should be the next reference rate for loans, but decisions will need to be taken soon.

Deep dive: Credibility on the line

Having exploded onto the scene in the broadly syndicated market, the impact of sustainability-linked loans is now being felt in private debt. But managers need to make sure they do not stand accused of greenwashing. By Andy Thomson

Loans are going green, but is it enough?

ESG and sustainability are now being worked into deal documentation, but it may take a while before the asset class is seen to be truly making a difference.

Twin Brook Capital Partners on why experience and relationships matter

Navigating the pandemic has highlighted the value of strong relationships and the importance of experience when it comes to underwriting and portfolio management, say Twin Brook Capital Partners’ Drew Guyette, Tim Schifer and Tony Maggiore, who joined Private Debt Investor to discuss some of their takeaways from the past 18 months and expectations for the future.

Paul Hastings: ‘The private debt market is white hot’

Credit funds proved to be supportive partners to sponsors during the pandemic, and their ability to offer creative solutions is paying off as the economy recovers, say Kfir Abutbul, Bill Brady, Yousuf Dhamee and Jennifer Yount, partners at Paul Hastings.

Private debt roars back to life

Six leaders in private debt talk about the spectacular rebound in market conditions for the US economy from 18 months ago.

Tree Line Capital Partners: An allocation strategy for the next decade

Understanding just how private debt has matured as an asset class demonstrates why lower mid-market managers belong in any allocation, argues Tom Quimby, managing partner with Tree Line Capital Partners.

How deal documents have divided the world

Western and Eastern private debt deals have little in common when it comes to how borrowers and lenders are treated.

The impact of financial covenant breaches for lenders

With covid-19 causing complex disruption to the world of commerce, private equity sponsors, portfolio companies and lenders can work together to deal with financial covenant breaches encountered as a result of operating in such unprecedented times.

The world is different, but not the deal documents

Prior to the pandemic, it was commonly believed that a crisis would allow a reset of deal documentation in which the balance of power would shift from borrower to lender. So far, there’s little sign of it.