Cadwalader’s Elena Bernal Presents at ELFA Seminar Series on European Middle-Market Lending

October 27, 2022

Cadwalader partnered with the European Leveraged Finance Association (ELFA) for a recent panel discussion on the financings of middle-market loan portfolios, current issues and the future outlook for this market segment.

Cadwalader Capital Markets associate Elena Bernal and co-panelists Samuel Murias of Citi and Meredith Reynolds of Well Fargo discussed:

  • the nature of the underlying assets and how middle-market loans are different from broadly-syndicated loans comprising CLO portfolios
  • where middle-market facilities fit in a range of funding tools available to funds
  • what make middle-market loan portfolios an attractive investment
  • how managers react to rate increases, inflation and other macroeconomic factors affecting the underlying obligors
  • jurisdictional complexities, multi-currency aspects and the size of the European middle-market financings market as compared to the U.S.
  • approaches to asset approvals by lenders in European middle-market facilities
  • the future outlook for a potential European middle-market CLO

The event, which was hosted at Cadwalader’s London office, concluded with a Q&A session and a networking reception.