Inflation

The clouds hanging over the asset class

Some have labelled this a ‘golden age’ for private debt, but fund managers would do well to avoid complacency. Here are five threats to those in the industry.

Infrastructure debt: M&A is down, but refinancings grow

Infrastructure debt isn’t immune from the turmoil in the wider market, but it does offer protection for investors.

Schroders Capital: Infrastructure debt remains resilient in the face of macro headwinds

Protected from inflation and benefiting from rate rises, infrastructure debt looks extremely well placed, says Damien Gardes, co-head of infrastructure debt at Schroders Capital.

Why lenders are contemplating the flexibility of PIK toggles

Payment in kind is an option which, due to interest rate rises, is increasingly in demand from sponsors and borrowers. Lenders must make sure they are applied only in appropriate circumstances, say Daniel Hendon and Phil Anscombe of Proskauer Rose.

The search for signs of stress

Rising rates are putting companies under pressure, but predicting widespread distressed activity continues to be a brave bet.

The last decade in private debt

The past 10 years has seen debt move firmly into the investment mainstream, with signs of continued growth ahead.

‘Broken credit cycle’: The debt market shows its resilience

Konstantin Danilov of VRS Restructuring Services examines the factors affecting the financial markets.

Key trends: Direct lenders are targeting Europe as banks retrench

UK falls to second place in terms of debt transactions but the new market leader faces headwinds.

Mid-market lending trends: The continued growth of direct lending

Direct lenders don’t seem rattled by a more challenging backdrop.

The mid-market proves its worth in a downturn, says Churchill

Financing trends are moving in favour of private debt, say Mat Linett and Randy Schwimmer, co-heads of senior lending at Churchill Asset Management.