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Source: StepStone Private Debt Internal Database, based on more than 8,000 US and EU first-lien loans

During economic downturns, banks often have little or no ability to underwrite syndicated leveraged loans causing a liquidity shortage for middle-market companies. Direct lenders with ample dry powder to invest are well-placed to fill the gap left by banks. Due to the reduced competition, lenders should be able to negotiate more lender-friendly terms, such as higher pricing, lower leverage, more covenants, less covenant headroom or EBITDA adjustment. Although the consequences from the COVID-19 crisis are still uncertain, some first observations can already be drawn. After a massive reduction of deal flow, one could observe more lender-friendly terms in the first post-crisis transactions. StepStone observed a pickup in pricing combined with lower leverage level, price multiple, covenant headroom and EBITDA adjustment.