Selectivity Is Key in Private Debt
NEW YORK, March 10, 2020 – Churchill, the private capital affiliate of Nuveen, on the key opportunities in the private debt market and the importance of selectivity and diversification in portfolio development…
Thought Leadership
Frenzy in Private Debt Pushes Assets Beyond $800bn
NEW YORK, March 1, 2020 – Ken Kencel, chief executive of $21.5bn private debt house Churchill Asset Management, says credit quality is holding up, particularly in the upper end of the market where fewer managers compete. Competition has long been most acute among managers looking to arrange loans for small and midsized companies…
Private Credit Proves Good Match for Long-term Investors
NEW YORK, Feb 8, 2020 – Private credit is a good match for long-term investors, providing attractive yields and downside protection, yet with increased competition and the adoption of more aggressive structures, investors should focus on defensive sectors, according to Ken Kencel, CEO of Churchill Asset Management, a Nuveen company…
2020 ABS Outlook Stable, but Concerns Abound over Election, Trade
NEW YORK, January 13, 2019 – “It is possible that spreads could tighten early in the year as investors put fresh allocations to work,” said David Heilbrunn, a longtime participant in the CLO market and head of product development and capital raising at Churchill Asset Management…
Apollo and Blackstone Are Stealing Wall Street’s Loans Business
NEW YORK, December 18, 2019 – “Direct lenders have raised significant capital to allow them to commit to larger deals,” said Randy Schwimmer, head of origination and capital markets at Churchill Asset Management. “It’s an arms race.”…
What’s Coming Next for Private Debt?
New York, November 1, 2019 – Churchill’s President & CEO, Ken Kencel, joined Private Debt Investor’s panel to discuss the future of the asset class….
Private Credit Boom Celebrated and Feared at Chicago Confab
Chicago, October 23, 2019 – Private credit’s biggest players gathered at Chicago’s Four Seasons’ hotel this week to discuss a world that’s expanded to about $776.9 billion. At the fore were concerns about cutthroat competition and deal quality….
Negotiating Terms Up Front and Getting Comfortable with the Precedent Document is Key
NEW YORK, September 5, 2019 – Economists might be debating whether recent volatility in public equity and bond markets portend a downturn, but there’s little sign of the private equity valuations bubble bursting. Even so, credit providers are asking how asset valuation plays into covenant packages, and how terms are being negotiated…
Beyond a Downturn
NEW YORK, September, 2019 – …“While we have seen the yield curve invert a couple of times, we have not yet begun to see any related cracks in our portfolio,” says Ken Kencel, chief executive of Churchill Asset Management. “The question on everyone’s mind continues to be: what innings are we in? How long will this stage of the US economic cycle last?”…