Private Credit. James Pearce, Head of Direct Lending. 2 nd of October 2018
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1 Private Credit James Pearce, Head of Direct Lending 2 nd of October 2018
2 How do companies fund themselves? Pre financial crisis Companies Global Investment Banks Senior Funding Tier 1 Funding Equity Funding Synthetic CDOs Bonds Loans RMBS CMBS Fund Managers Insurance companies and pension funds 2
3 How do companies fund themselves? Today Companies Global Investment Banks Bonds Loans Fund Managers Insurance companies and pension funds 3
4 Cumulative number of deals Proportion of Deals Growth of direct lending in Europe Cumulative transactions since 2012* 1,600 Private debt backed deals in Europe: Banks v Non-Banks** 100% 1,400 1,200 1,000 90% 80% 70% 60% 28% 35% 27% 44% 42% 42% 61% % % 30% 20% 10% 72% 65% 73% 56% 58% 58% 39% 0 Q Q Q Q Q Q % Bank Private Debt Firm Non bank lenders playing an increasing role European mid-market lending 4 Source: *Deloitte Alternative Deal Tracker Q **Preqin Markets in Focus June 2018
5 European direct lending today Mid-market transactions by deal size H Unitranche activity by geographic location 12% % 15% 29% 33% < 50m 50 to 100m 100 to 150m 150 to 200m > 200m LTM 5 Source: Alix Partners Mid Market Debt Report September 2018
6 Dry Powder ( bn) European direct lending today Dry powder is increasing Europe focused private debt dry powder 60 Market today is characterised by; Oversupply of capital undifferentiated propositions The result Highly competitive processes 10 Weakening structures Dry Powder ( bn) Lower pricing M&G has turned down over 95% of deals shown in Source: Preqin 2018
7 Is there a different way? Working with the banks Banks have traditionally been the primary source of finance for mid-market companies and have; Large origination teams Established relationships Long track records But balance sheet constraints mean that their deal sizes are now limited In 2015, M&G entered into a groundbreaking partnership with RBS to lend to the mid-market Partnership allows M&G to benefit from RBS origination resources and company relationships RBS are still able to offer one-stop-shop despite their constrained deal size Every deal goes through M&G credit process & M&G is under no obligation to participate 7
8 Working with banks A case study ByBox Group is a provider of technology enabled solutions that help customers solve supply chain problems Founded in 2000, RBS had been providing finance to ByBox since it was a start up In 2016 the company was sold to private equity firm LDC 65 million of debt finance was provided through the RBS partnership In August 2018 a second buyout occurred RBS partnership were the sole lenders providing a 95m 7 year term loan o Existing relationship enabled partnership to move quickly o Partnerships scale offered an attractive one stop financing solution 8
9 Asset based lending Traditional term loan financing offered by majority of direct lenders is not suitable for all borrowers Asset based lending is an attractive alternative Flexibility to adapt to borrower financing requirements Lending fully backed by security over key assets Nature of covenants enables rapid de-risking of lender s position if credit quality worsens Requires significant specialist expertise and therefore limited competition Receivables Property Inventory Plant & Machinery 9
10 Asset based lending Attractive risk adjusted returns on SME Loans Economics of true SME lending is challenging for banks / asset managers Bank capital treatment Origination cost Too small for institutional lenders However, new technology driven platforms provide solution to many of the issues Efficient origination Streamlined credit risk assessment Enables institutional investors to access strong risk adjusted returns But Alignment of interest is key! 10
11 Asset based lending Accessing debt in a format suitable for institutional investors Capital on Tap is an online lender to small businesses, founded in 2012 it has provided over 500 million in funding to more than 40,000 businesses in the UK to date In 2016, M&G provided 25m of senior finance secured on a pool of loans Short term nature of loans and strong covenant package combine to create strong credit protection M&G leveraged extensive ABS experience to structure the entire transaction M&G secured off market returns for risk due to transaction complexity M&G have continued to support company growth Currently provide c. 45m across senior and mezzanine debt as part of a wider funding package secured in August
12 Direct Lending today Parts of the market are crowded Too much capital is chasing too few deals Selectivity is important Don t be a forced buyer of assets Step away from deals if no longer compensated for the risk Product differentiation is key Flexible sources of capital Origination capabilities Trying new things 12
13 For Investment Professionals only. THIS DOCUMENT HAS BEEN ISSUED TO YOU FOR YOUR USE ONLY AND EXCLUSIVELY FOR THE PURPOSES OF THE DESCRIBED INVESTMENT OPPORTUNITIES. ACCORDINGLY, THIS DOCUMENT AND RELEVANT INFORMATION MAY NOT BE USED FOR ANY OTHER PURPOSE OR PASSED ON TO ANY OTHER PERSON IN ICELAND. THE INVESTMENT DESCRIBED IN THIS MEMORANDUM IS NOT A PUBLIC OFFERING OF SECURITIES. IT IS NOT REGISTERED FOR PUBLIC DISTRIBUTION IN ICELAND WITH THE FINANCIAL SUPERVISORY AUTHORITY PURSUANT TO THE ICELANDIC ACT ON UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) AND INVESTMENT FUNDS AND INSTITUTIONAL INVESTMENT FUNDS NO. 128/2011 AND SUPPLEMENTARY REGULATIONS. THE INVESTMENT MAY NOT BE OFFERED OR SOLD BY MEANS OF THIS MEMORANDUM OR ANYWAY LATER RESOLD OTHERWISE THAN IN ACCORDANCE WITH ARTICLE 47 OF ACT NO. 128/2011. This guide reflects M&G s present opinions reflecting current market conditions. They are subject to change without notice and involve a number of assumptions which may not prove valid. Past performance is not a guide to future performance The distribution of this guide does not constitute an offer or solicitation. It has been written for informational and educational purposes only and should not be considered as investment advice or as a recommendation of any particular security, strategy or investment product. Reference in this document to individual companies is included solely for the purpose of illustration and should not be construed as a recommendation to buy or sell the same. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents. The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial Conduct Authority s Handbook. M&G Investments is a business name of M&G Investment Management Limited and is used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under number with its registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. 6596/SS/0417 A PRUDENTIAL Company 13
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