The desire for protection via covenants is growing due to the expectation for increased defaults in 2024. Since 2021, the percentage of deals with two or more covenants has doubled while the percentage of cov-lite deals has halved.Infrastructure debt is capitalizing on the mega trends of infrastructure and private debt. The team is seeing attractive opportunities in renewables and digital infrastructure.Direct Lending activity is down year-over-year, but has started to increase. There appears to be a balance between lenders and borrowers in negotiations. We are seeing innovative methods come to the market to complete deals.
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