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The Deloitte Alternative Lender Deal Tracker Q2 2017

Liquidity in all shapes and forms

The Deloitte Alternative Lender Deal Tracker now covers 58 leading Alternative Lenders, with whom we track primary mid-market deals across Europe.

The sixteenth issue covers data for the second quarter of 2017 that closed with 70 deals completing, representing a 5% increase in deal flow on a last 12 months basis in comparison with the previous year.

Key highlights

  • The number of deals covered has increased to 1082 transactions over the past 19 quarters.
  • Of 70 deals we observed in Q2 2017, over 65% were completed outside of the UK, representing a significant increase when compared to the previous quarter.
  • Within the UK the Business, Infrastructure & Professional Services (BIPS) industry has been the dominant user of Alternative Lending with 24% followed by Technology, Media and Telecomms (TMT) with 19%.
  • Where traditionally debt and equity have been mutually exclusive, lines are beginning to blur as we see an increase in hybrid fund raising strategies, where the product straddles both debt and equity.
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Insights into the Deloitte Alternative Lender Deal Tracker

Currently covers 58 leading Alternative Lenders. only primary mid-market UK and European deals are included in survey

600
Total deals completed
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300
Euro deals completed
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274
UK deals completed

* For the purpose of the deal tracker, we classify senior only deals with pricing L + 650bps or above as unitranche. Pricing below this hurdle is classified as senior debt.

Background

Our Debt Advisory team has been in active dialogue with the leading European Alternative Lenders to set up a quarterly database, which monitors the primary European mid-market deal activity involving these lenders. 58 alternative debt funds currently participate in the Deloitte Alternative Lender Deal Tracker and the results are released to interested parties on a quarterly basis in a public version of the tracker.

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