Direct lenders turn on firepower amid Covid jitters

摘要

Direct lenders are turning on their firepower to provide financing for European companies, taking advantage of jitters in the leveraged finance market caused by the coronavirus. Despite the loan and high-yield markets gradually reopening, with the launch of a couple of jumbo buyout financings for THYSSENKRUPP ELEVATOR and Spanish telecoms company MASMOVIL, markets have not fully recovered to syndicate deals with competitive terms seen before the pandemic. As such, it has created a great opportunity for private debt funds to pick up larger borrowers that are in need of liquidity to keep business afloat.