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Global credit funds & CLO's
October 2023 | Issue 258
Published in London & New York.
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Opinion
October 2023 | Issue 258
Past returns
Even larger cap lending
Five years ago we reported that European direct lenders were looking for a slice of the large-cap loan market. Today? We’re only arguing about the size of that slice.
Back then we quoted sources saying that “large direct lenders are pushing beyond this threshold and, at times, investing in deals worth over €350 million”.
Nowadays that has become commonplace, and direct lending clubs for even larger deals have become a fixture of the European market. The last few years have seen frequent mega-deals, such as Access Group, which raised £3.5 billion of debt financing in 2022.
Points up front
Into the Valley Stream Park
rode Blackstone
Readers who frequent our various CLO conferences will be familiar with our traditional “Would you buy it?” closing panels. We always feature a set of fake deals with names that gently parody the CLO market, and especially its love of naming deals after rivers, hills, mountains and the like.
But Blackstone’s latest deal scores a hat-trick of geographical features — and it may have spoiled our fun. How do we top Valley Stream Park CLO?
Valley Stream Park: may it avoid rocky moments and be blessed by free flowing waterfalls
Who else is up for shoehorning private credit into an ABS event?
Staying with the theme of events, we have to applaud IMN for their latest addition to the agenda at ABS East 2023, the Miami conference that has become one of the mainstays of the CLO calendar.
We’re no strangers to adding buzzy topics to our own events that may stretch boundaries a little. But even we would blush before adding a private credit stream to an ABS conference, however fast that market is growing.
Nevertheless, we’re not so principled that we won’t take advantage of the new stream. And we hope to see some of you in the audience!
THEY SAID IT
“CLOs used to be a cashflow arbitrage product”
Fair Oaks Capital’s Roger Coyle bemoans the current situation for European equity investors at the S&P European Structured Finance Conference 2023.