In this episode of The Last Tranche, Creditflux's Hugh Minch sits down with Flat Rock Global managing director Shiloh Bates. Topics include launching a new CLO fund, the advantage of middle market CLOs in a crisis, and how some risk retention fund investors' equity positions have underperformed. This edition of The Last Tranche is made in association with Flat Rock, who's Flat Rock Opportunity Fund was named Best CLO Fund at the Creditflux Manager Awards 2020.

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5: The Last Tranche with Flat Rock's Bates: mid-market CLO equity proves advantageous in crisis

Marking the long-awaited return of the Last Tranche podcast, Creditflux's Hugh Minch talks to Adrian Duffy, head of European corporate credit at Guggenheim Investments in Dublin. Topics include life under lockdown, tackling the challenges of managing CLO portfolios since the March sell-off, as well as the outlook for loan buying in a market that is "technically driven, not fundamentally driven". This edition of The Last Tranche is in association with Guggenheim, which was named Best European boutique CLO manager at the Creditflux Manager Awards 2020

1: The Last Tranche with Guggenheim's Duffy: CLOs will pay more for loans than today’s index prices

2019 was a bad year for Nordic M&A. For the first time since 2012 there were no deals above EUR 5bn, while both deal volume and value was down on 2018, according to Mergermarket data. Was it a blip in history or a continuation of an overall trend for the Nordic markets?    In this podcast, Debtwire’s Nordics reporter Carl-Johan Kullving sits down with Jan Olsson, CEO of Nordics at Deutsche Bank and the Chairman of the Swedish Chamber of Commerce in the UK, to discuss the outlook for Nordic M&A, why transactions derail, how direct lenders are tackling competition from the Nordic banks in leveraged buyouts, and why an ESG measurement standard will be difficult to implement in the private equity world.    0:00 - Intro 8:16 - The decline of M&As in the Nordics 10:09 - Changes in the dynamics between private equity and lenders 15:29 - The future with ESG 20:49 - Nordic macro outlook

4: Nordic outlook with Jan Olsson from Deutsche Bank

In the second installment of our podcast into the changing landscape of mid market documentation, the team at law firm Mayer Brown dive deep into the intricacies of what direct lending documentation is evolving into. Mariana Valle, Debtwire Europe's co-deputy editor and head of primary coverage, asks Stuart Brinkworth, partner and European head of leveraged finance; Patrick Teboul, partner in the banking & finance and real estate practices in Paris; and Martin Heuber, a partner in the banking & finance practice in Frankfurt what security packages look like today, transferability language, sub participation trades and how documentation might be tested in a downturn.

2: Ep 2: Navigating the shifting nature of direct lending loan documentation with Mayer Brown

Documentation in the mid market space has assumed a rather large-cap feel, with EBITDA adjustment flexibility, looser covenant features and restricted payment baskets of all sorts now commonplace. But what exactly is filtering down from the syndicated space and what is unique to private lending? The team at law firm Mayer Brown joins Mariana Valle, Debtwire’s co-deputy editor for Europe and head of primary coverage, to answer those questions and many more. We also look at the regional differences between the UK, France and Germany, with Stuart Brinkworth, partner and European head of leveraged finance, Patrick Teboul, partner in the banking & finance and real estate practices in Paris, and Martin Heuber, a partner in the banking & finance practice in Frankfurt. This podcast is brought to you in two episodes.

1: Ep1: Navigating the shifting nature of direct lending loan documentation with Mayer Brown

After university Andrew Cleland-Bogle had intended to join the army and had his offer to Sandhurst sorted before his brother suggested he try an internship in the City. Fast forward a few years and a couple of restructuring advisory roles and he is Managing Director at EQT Credit. Joelle Jefferis sits down with Andrew to chat about his want for better incentives to keep the market focused on common sense in deals, and EQT Credit’s secret weapon in securing the GBP 110m refinancing of Paymentsense. He also answers Thomas Kyriakoudis’ question from the previous episode on how many large players there will still be in European direct lending in five years’ time.

3: Ep 3: Direct from the Middle with Andrew Cleland-Bogle from EQT Credit

Thomas Kyriakoudis realised he needed to switch from his engineering role when he got tired of running experiments where he was compressing mud in a fridge. Fast forward to now and he is Chief Investment Officer at Permira Debt Managers. Debtwire Europe’s Joelle Jefferis spoke to Thomas about his move into direct lending, via venture capital and a period at Morgan Stanley. Touching on his favourite deal he has ever done and the frustrations of those deals that got away, Thomas talks about his experience of the European mid market so far and where he sees it heading. He also answers questions posed to him by Graeme Delaney-Smith from the previous podcast episode (https://www.debtwire.com/intelligence/view/prime-2706284) on where he sees the boundaries for European direct lending.

2: Ep 2: Direct from the Middle with Thomas Kyriakoudis from Permira Debt Managers

Graeme Delaney-Smith, head of direct lending and mezzanine at Alcentra, moved to London in the 90s for what was supposed to be a six-month stint while working for RBS but has been working in The City ever since. From RBS he moved into the private debt space with ICG before joining Alcentra in 2004. In this debut episode of the series, Graeme talks to reporter Joelle Jefferis about his path into finance and how the mid market has changed over the years. He also looks at how the market is continuing to evolve and what the future holds for it and direct lenders. Listen to what Graeme sees as the key driver of the changes in the mid market sector, where he thinks the real geographic growth opportunities are and what features of the market he would love to get rid of.

1: Ep 1: Direct from the Middle with Graeme Delaney-Smith from Alcentra

Podcast from the European editorial teams at Debtwire looking at the latest developments in global leveraged credit. Journalists and analysts cover end-to-end situations from primary issuance to the first signs of stress, restructuring and beyond.

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