European direct lenders have had to fight on pricing to fend off competitor refi’s. Read 9fin's Q1 private credit report to deep dive into:

• The pricing trends in middle market and large cap private credit deals;
• The growing role of subordinated debt in private credit;
• Where average leverage now sits;
• The resurgence of BSL against private credit;
• And which European direct lender has come top of our league tables

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Information is sourced from public announcements and privately submitted data from direct lenders, advisors, and sponsors across Europe. If you’d like to contribute to 9fin’s FY 2023 report, please get in touch at private-credit@9fin.com