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Alternatives

After swift recovery in U.S. and European private credit markets, where should investors look next?

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As we are seeing economies across the U.S. and Europe recover from the pandemic, the credit markets are no exception. Though we see similar recovery paths in most regions, we detected distinct differences as well. 

Europe suffered a similar Covid slump (and enjoyed a similar rebound) as the U.S. Yet Europe also retained the country-by-country distinctions they had pre-Covid. The recovery in all capital markets was swift; deal volumes are now at record highs.

Issuers and investors toggled less between U.S. and Europe than pre-Covid, but that could rebalance in the medium-term. Private credit fundraising has been robust, with most capital dedicated to senior and subordinated debt strategies, as well as distressed.

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Endnotes
All information is as of 30 Jun 2021 unless otherwise noted.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss.

The views and opinions expressed are for informational and educational purposes only as of the date of production / writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature.

Churchill Asset Management is a registered investment advisor and an affiliate of Nuveen, LLC. “Churchill Senior Lending” refers to the senior secured loan investment team and portfolio of Churchill Asset Management.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

A word on risk
Investments in middle market loans are subject to certain risks such as: credit, limited liquidity, interest rate, currency, prepayment and extension, inflation, and risk of capital loss. Nuveen provides investment advisory solutions through its investment specialists.
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