Global credit funds & CLO's
July 2020
| Issue 225
Published in London & New York.
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private credit webinar
Preparing for a second wave
July 2020 | Issue 225
Panellists on the
US private credit webinar last month said that they were focused on companies most affected by the coronavirus. A reopening of the primary market can wait
Direct lenders have been looking at their portfolios based on companies that are taking a direct hit from the coronavirus, and those that face a secondary or tertiary impact. First Eagle has taken things a step further by ranking those companies dealing with a direct blow to their business based on which are most likely to benefit from an immediate pick up in demand. The healthcare industry should be among the quickest to recover.
It’s important for direct lenders to have a range of vehicles — CLOs, commingled funds, levered and unlevered strategies — at their disposal. This means that a fund manager is not reliant on one leverage provider.
“The focus has shifted from when are we reopening to what impact does a second wave have?”
Jamie Knox
, Partner | DLA Piper
June was initially viewed as a point where new issue markets would fire up again, but now there’s more emphasis on a second wave of coronavirus infections.
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“It’s a question of demand delay or demand destruction”
Christopher Flynn
, President | First Eagle
“A lesson from the great financial crisis was to use diverse funding sources”
Randy Schwimmer
, Head of origination and capital markets | Churchill Asset Management
Private credit webinar poll
What do you expect the mid-market cumulative default rate to be for 2020?
When will large scale origination restart in the middle market?
US Private Credit Outlook webinar had 191 viewers while streaming live
111 votes were cast in the polls.
Event sponsor
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