Agenda
Registration & breakfast
Panel: The private credit outlook
Private credit deals have increased in popularity over the past 10 years, but as the economic outlook weakens, interest rates rise and the price of liquidity increases, there may be signs of a squeeze on European lenders. Speakers on this panel will discuss:
- What does the deal pipeline look like for dealmakers given lack of M&A activity?
- What are sponsors' appetites for UK versus European financings?
- How are leverage multiples affecting dealmakers?
- Where are funds finding opportunities to invest?
- What happens when lenders take the keys to companies from sponsors?
- Private debt funds are increasingly focusing their efforts on ESG strategies - How are dealmakers tackling ESG strategies with portfolio companies and how are private lenders leveraging loan terms to drive an impact agenda?
Panel: New frontiers - emerging strategies within private debt
This session will examine the role played by the private credit secondaries market, along with other emerging strategies, including NAV-based financing, from the perspective of both GPs and LPs:
- Are these strategies compelling tools for helping provide liquidity solutions?
- What does the future hold for NAV-based lending?
- What is the opportunity set, and how does it compare to corporate direct lending in terms of risk and yield?
- How to utilise the asset class as part of your portfolio
- How are LPs navigating this space?
Networking coffee
Panel: Managing stressed and distressed lending positions
A challenging macroeconomic environment hampered by high interest rates continues to negatively affect sponsor-backed companies, ultimately leading to defaults on debt repayments. How will dealmakers manage their stressed and distressed debt positions in a continued downturn?
- Which sectors are most at risk of stress and distress?
- How have terms been eroded through EBITDA adjustments and other forms of financial engineering?
- How can dealmakers support company restructurings?
- What returns are direct lenders generating on debt-for-equity swaps?
- How do direct lenders navigate the reputational risks that come with key-taking?
Panel: Regional focus - southern Europe
Bursting with dry powder in Southern Europe, lenders have continuously provided private debt options in the region. Our panel of experts will discuss:
- What is the deal pipeline in Southern Europe for direct lenders?
- What are the key issues for issuers and investors in the region?
- What are the trends in documentation in the region?
- What are the differences in the direct lending deal pipelines in Italy and Spain?
Lunch
Panel: Going large-cap and club deals
As the syndicated debt market has pulled back into gear, how are European lenders approaching jumbo deals while seeking to maintain a competitive edge?
- Unitranche deals versus syndicated debt - How are terms and pricing changing for both?
- To what extent have banks made a comeback in Europe, and where will they go from here?
- How is the relationship between large-cap lenders, banks and sponsors changing?
- How the emergence of so-called hybrid debt deals will affect Europe’s direct lending market
Panel: Small–cap market opportunities
The credit markets are signalling a better environment for small cap equities in 2024. Small companies are the lifeblood of our economy, yet are often neglected, not only by the banks, but also by the large direct lenders. The financing needs of small companies can be as complex as those of large companies, this panel will examine:
- What are the key trends that will dominate the small-cap market over the next 12 months?
- What are the headwinds and how are firms navigating uncertainty?
- What superior risk adjusted returns are firms putting in place?
- Are ESG considerations just as important in the small-cap space?
Networking coffee
Panel: Mid-market direct lending explored
Looking specifically into the mid-market space, should private-debt providers take a more sector-specific or generalist approach?
- What are the key trends that will dominate the mid-market over the next 12 months?
- Where are cracks beginning to show in the sponsor-backed lending world?
- Where are mid-market lenders finding the greatest opportunities?
- Examining the continued rise of non-sponsor-backed lending
Panel: Private credit is booming - what are the trends and opportunities?
With private credit booming, many pension funds and insurers are continuing to expand into the asset class via allocations and direct investment. It’s an attractive time in the economic cycle to commit capital to private credit with the structural shift from banks to private lenders continuing. But are these favourable times here to stay, and how will the asset class continue to grow and specialise? What opportunities are there in alternative lending, such as Nav lending?
- What macro-economic shifts are affecting private credit this year and do interest rates and spreads still favour a private credit boom?
- How is investor behaviour evolving in the private debt space?
- How does Private credit fit into a broader private asset portfolio?
- With liquidity still tight, is private credit more attractive than private equity for institutional investors?
- Which developing sub-sectors of private credit are most attractive? (i.e. Nav-Financing etc)
- Alternative lending – where are the opportunities?
- Will senior direct lending still be the first choice for European debt investors?
- What some ongoing challenges are experts facing when making allocations to private credit?
- What is the outlook in the middle to long term?
- Which sectors will be ripe for private debt investment in Europe this year?
Debtwire Direct Lending Awards
We will be announcing the winners of the 2024 Direct Lending Awards at a gala dinner at The Dorchester in London on 23 May.
The awards ceremony will take place after the Private Credit conference and registration for the gala dinner is separate to registration for the conference.
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