Direct lending in Asia Pacific - A study on Asian middle market private credit opportunities - Acuris
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Direct lending mid-market Asia study
Direct lending
in Asia Pacific
A study on Asian middle market
private credit opportunities
1
Direct lending mid-market Asia study
2
Direct lending mid-market Asia study Contents Foreword. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Key findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 emand grows for direct. . . . . . . . . . . . . . . . . . . . . D 06 lending in Asia sia's mid-market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 A opportunity Key geographies and sectors. . . . . . . . . . . . . . . . . 14 ielding value in Asian. . . . . . . . . . . . . . . . . . . . . . . . . 17 Y private credit Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Direct lending mid-market Asia study
Foreword
A
sia’s corporate lending ecosystem is undergoing a transformation.
This traditionally bank-dominated market, characterized by vanilla
structures and conservative pricing, is shifting materially towards
direct lending and private debt alternatives, mirroring trends in North
America and Europe.
The post-crisis regulation of the financial system and the focus banks have
placed on return on assets (ROA) since has driven a shift away from the
SME and mid-markets towards larger corporates, where in addition to
lending, banks are able to service other customer requirements such as cash
management, corporate finance and FX. These multiple revenue streams
mean large corporate clients deliver a superior ROA for banks.
Now, direct lenders are stepping in to fill the void, providing mid-market
corporate borrowers and financial sponsors with a broad suite of
alternative funding options and structures. These have ranged from trade
finance, supply chain finance, general working capital and peer-to-peer
loan options to Term Loan B and various subordinated debt offerings.
Yet, even with an influx of interest and capital, there is still huge scope for
direct lending in Asia to grow as borrowers become more familiar with the
debt products now available to them. Likewise, international institutions
will continue to increase allocations to Asian private debt managers to gain
exposure to a less competitive and higher yielding market.
To get a snapshot of the current market and gauge sentiments on recent
trends, mid-market business executives across Asia and local and
international lenders were interviewed to reveal the trends, challenges and
opportunities shaping Asia’s direct lending space. Their opinions reveal the
importance of private debt to corporate growth among mid-market firms
and point to an increasing need and uptake of this financing source in the
years ahead.
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Direct lending mid-market Asia study
Key findings
Asia's mid-market
is expanding, and 55%
of these firms say their
68%
of mid-market firms say
82%
say they will seek
business has been loans/financing from financing from
growing over the non-traditional non-bank lenders
past 3 years lenders in the year
is critical ahead
for their
businesses
55%
say they prefer debt
Expansion of working
capital (35%) and
refinancing debt (32%)
Mid-market businesses
are willing to be flexible
in terms of funding costs
as opposed to equity are the top two reasons (45%), pay higher interest
to fuel business that mid- rates (52%) and provide
growth market firms collateral (90%)
are seeking to access
funding alternate
funding
100%
of credit fund managers
And within Asia Pacific,
82% say China has the
most direct lending
90%
of credit funds say
say Asia Pacific has opportunities, followed diversified funding
some of the greatest by India and Indonesia is critical for
opportunities (71% each) success
worldwide in private
lending in
Asia
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Direct lending mid-market Asia study
Demand grows for
direct lending in Asia
While most mid-market firms in Asia have access to
traditional sources of financing, non-bank lenders
are becoming increasingly critical to these businesses.
Recent trends show growing awareness and acceptance
of direct lenders as non-bank financing allows mid-
market businesses to reach new levels of growth.
6
Direct lending mid-market Asia study
M
any factors have coalesced counterparts in Europe and North
to drive the growth of direct America. Asian banks have stepped Fig. 1
lending in an Asian market back in the face of new regulations Is it critical for you to receive loans/
that has historically been dominated like Basel III, which imposes tougher financing from lenders outside of
by the banks. While it still lags the rules for bank capital adequacy traditional financing institutions (banks)?
more mature markets in North America requirements, and expanding
and Europe, Asia is following the trend portfolios of non-performing loans
of western markets where regulation (NPLs). Asian banks held NPL stock 32% No
and a focus on return on assets has of US$640 billion at the end of H1
facilitated a transition from bank-led to 2019, a 23% increase on the previous
direct lender-led debt provision. year, according to a Deloitte report.
In addition, the demand on compliance
Direct lenders now account for at and AML processes have increased
least half of the European leveraged
finance market and around 90% of
the cost of servicing mid-market
borrowers and their counterparties.
68% Yes
the US market. The beginnings of a Facing these pressures, banks have 0% – Unaware of non-bank lenders as
similar shift are now well underway been reluctant to take on risk and lend a source for financing
in Asia too, as the region's banks to mid-market companies.
pivot towards larger corporate clients,
where this demand for multiple Respondents to the survey also
services that banks can provide. cited a potential global economic
slowdown, sparked by escalating
Turning to non-traditional trade tensions between the US and
financing China. Concerns that the current
While most mid-market firms in Asia credit cycle may be peaking was
have continued to access traditional another reason for diversifying their
sources of finance, non-bank and sources of funding.
direct lenders have established
themselves as an essential source of The IMF forecasts that the US-China
finance during the last decade. More trade war will reduce global GDP
than two-thirds (68%) of respondents growth in 2019 by as much as 0.8%,
say loans and financing from lenders with China's GDP output exposed to
outside of traditional financing a 2% decline in GDP under the current
institutions and banks have become tariff scenario.
critical to their businesses, reflecting
growing awareness and acceptance Asia's banks, which have already
of direct lenders across the borrower seen profits squeezed as super-
universe (Figure 1). charged Asian economic growth
has moderated, will find it difficult to "Earlier, credit from
"Earlier, credit from non-bank lenders avoid the side-effects of this ongoing non-bank lenders was only
was only entertained as an option, volatility in global trade. According entertained as an option, but
but with passing time, direct lenders to McKinsey, Asia-Pacific's share of with passing time, direct
are considered as mainstream global banking pre-tax profits has
sources. Their capacity to provide been declining since the financial
lenders are considered as
larger sums has also increased," crisis, from around a 50% share in mainstream sources. Their
one survey respondent said. 2009 to a 37% share in 2018. capacity to provide larger
sums has also increased."
Now, there is every opportunity for Management teams have recognized
the direct lending community to this and are broadening their portfolio
Respondent
follow a similar growth path to their of lenders in response.
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Direct lending mid-market Asia study
As one respondent says, "In case from lenders outside the traditional have used non-bank financing
there is any problem with bank financing units. Their procedures vary in the past year (Figure 2). Most
lending or there are any unforeseen from those that are conducted by respondents (82%) also plan to use
delays, we need to be sure that banks, which are definitely stricter," these channels in the years ahead,
funding at proper intervals is one respondent says. with 70% saying these alternative
maintained to all departments in the financing options will be even more
organization." Another survey respondent said: important during the next three years
"When you compare the two sources and 75% saying the same for the
Direct lenders have also impressed of funding (banks and direct lenders), next five-year horizon (Figure 3).
with fast, flexible credit approval their lending policies and approval
processes when compared to more procedures are different. Non-bank Indeed, such is the strategic
bureaucratic and compliance-driven lenders have new and improved importance of non-bank credit
banking institutions. Direct lenders personalized services to offer." lines that they are willing to make
have burnished their credentials concessions on pricing to access the
further by demonstrating their ability Short-term outlook and the value faster decision-making and flexible
to deliver larger checks. of direct lenders terms that bank lenders do not
Given these dynamics, and the offer. More than half of respondents
"Over a period of time and the changes pressures that banks are facing, (52%) said they would pay higher
in the banking system, it has become it comes as no surprise that the interest rates for access to additional
critical that we receive financing majority of respondents (88%) non-bank financing (Figure 4).
Global trends shaping private credit
The growing popularity of private look for diversification and yield in a In this fast-growing but less mature
credit in Asia has tracked similar low-interest rate environment. Direct market, there is less competition
lending dynamics around the world, lending has been well-positioned for deals. Private debt managers
where all banks have retrenched to to tick these boxes, with Preqin in the region also tend to focus
repair balance sheets following the reporting that, on a five-year horizon, predominantly on special situations
global financial crisis. private debt managers have posted and distressed opportunities, or
an average net IRR of 13.5%. blend direct lending and mezzanine
This has opened up opportunities strategies, which increases investor
for new lenders to enter and disrupt Private debt is a broad church and return expectations.
the market, sparking significant includes higher returning mezzanine,
growth in private lending. Annual special situations and distressed debt The faster growth of Asian
global private debt fundraising strategies (where return expectations economies relative to more mature
has more than quadrupled during can push into the mid-to-high teens) markets (according to the IMF,
the last decade, rising from US$25 in addition to direct lending (where Asia-Pacific GDP is growing at 4.8%
billion in 2009 to US$110 billion in return expectations are in the mid- annually vs 1.5% in Europe and 2.1%
2018, with a peak of US$129 billion single digits, around 5-7%). The in North America) and the demand
in 2017. The Alternative Credit inclusion of these strategies does for credit this creates, is another
Council says that by the end of push up overall returns for the private reason for greater investor attention.
2020 private debt assets could total debt as an asset class.
as much as US$1 trillion.
Asia’s private debt market, which is
Borrower demand for new sources not as developed as US and European
of finance has come at the same markets, has gained increasing
time as institutional investors investor attention in recent years.
8Direct lending mid-market Asia study
This is based predominantly on
Fig. 2 Past 12 months the expectation that direct lenders
Have you in the past have faster credit committee sign-
12 months received off processes, but also reflects the
financing from non-bank
financing sources? In the 88% 12%
flexible, bespoke approach to loan
structuring that direct lenders bring
next 12 months, will you Next 12 months to the table.
seek such financing?
Banks, for example, are typically
82% 15%
straight-jacketed into providing
amortizing senior secured loan
Yes No Unsure tranches at fixed prices. These cookie-
3%
cutter structures are not always
suitable, especially for growing
mid-market companies that could
Fig. 3 Next 10 years benefit from more flexible terms. Non-
How important would bank lenders, in contrast, can lay on
non-bank financing 45% 25% 30% everything from conventional senior
be for you in the next Next 5 years debt and mezzanine to a plethora of
3-, 5- and 10-year customized structures that include
horizon?
57% 18% 25% equity kickers, bullet repayments,
Next 3 years
PIK paper and other subordinated
42% 20% 27% 12%
capital with a view to meeting each
company’s specific needs.
Very important Moderately important Neutral
Not important Unsure “For faster access to additional
financing, we would be ready to opt
for higher interest rates rather than
Fig. 4 stall operations. Our willingness to
Willingness to pay higher interest rates; provide collateral, insurance and guarantees; pay higher interest rates will also rely
and be flexible in terms of funding costs and structure if alternate sources of funding on the kinds of services provided by
are available. non-bank lenders. There should be
some additional benefits in terms of
Would you be willing to pay more (higher interest rates) for new access to additional the repayment schedules and fewer
non-bank financing? allowances for delays,” a survey
respondent said.
52% 42% 7%
Would you be able to provide collateral, insurance, guarantees for non-bank financing?
90% 10%
Would you be flexible in terms of funding cost and structure if alternate sources of
funding are available?
45% 27% 27%
Yes No Unsure
9Direct lending mid-market Asia study
Asia's mid-market
opportunity
Growth has been and will continue to be on
the agenda of Asia-based mid-market firms, as
indicated by high levels of respondents pointing
to business expansion over the past three years.
These businesses will use debt financing
to fuel this growth going forward, creating
opportunities for creditors.
10Direct lending mid-market Asia study
D
espite escalating trade
tensions over the last two Fig. 5
years, Asian companies Will you be relying more on debt or equity
will continue to place growth at to fuel growth within your organization in
the center of their strategies as the year ahead? (Please select one) 45% Equity
they position themselves to expand
in-line with the region’s swelling
middle-class consumer base.
According to the OECD, China and
India alone will account for up to 55% Debt
two-thirds of the world’s middle
class population by 2030, with this
demographic climbing by 500% in Fig. 6
the two decades to the end of 2030 Has your business been shrinking,
versus flat or declining growth in stable or growing over the past 3 years?
Europe and the US.
55% Growing
As Asia’s middle class grows, the
opportunity for business to service 23% Stable
a wealthier population is already
emerging. And it is Asia’s fast- 22% Shrinking
growing middle market companies
that will be the engines of this
wealth creation.
As respondents point out, debt "Earlier, we did contemplate
A study commissioned by the allows owners to maintain control
equity financing and increasing
Asian Development Bank Institute of their businesses as they grow,
(ADBI) estimates that SMEs an important factor as many mid- the efforts in this direction.
account for more than 96% of market firms may be family-owned But we soon realized that
Asian businesses and provide two or closely-held, and therefore it would be better from the
out of three jobs in the region. reluctant to dilute control and business perspective to rely on
An EY survey of executives within decision-making to a third-party
debt financing, as we can set
these mid-market companies equity investor. According to one
shows that these businesses are of these executives, “Our company more measurable goals for the
particularly optimistic about future is fairly new, so our primary future."
growth prospects, with many intentions would be maintaining
expecting double-digit growth and complete control of our business. Respondent
confident about economic prospects. Debt financing will thus be used
to fuel growth in the organization.”
Demand for debt
Debt financing will be a Securing debt is also generally
cornerstone for supporting this perceived to be simpler and quicker
growth going forward, and a than negotiating a deal with an
deeper, more diverse debt market equity partner. Expanding on
will create opportunities for both this, another respondent says,
lenders and creditors. Indeed, “Earlier, we did contemplate
more than half of the respondents equity financing and increasing
say they prefer debt (55%) as a the efforts in this direction. But
financing tool as opposed to equity we soon realized that it would
(45%) to fuel growth (Figure 5). be better from the business
11Direct lending mid-market Asia study
perspective to rely on debt
financing, as we can set more Fig. 7
measurable goals for the future.” How much of your business is expected to be within each of the following regions?
Asia Pacific
Growth agenda: Going global
Despite the risk to growth
posed by the US-China trade
war, the survey shows a clear
7% 12% 81%
ambition within the Asian mid- Global emerging markets
market to expand internationally.
Commenting on this and echoing
the sentiments of others, one
respondent says, “The stage at
46% 46% 8%
which the business is in now Western developed
requires additional financial
input for accelerating growth
and maintaining decision-making 55% 36% 9%
control at the same time.”
Less than 25% 26-50% 51-75% More than 75%
12Direct lending mid-market Asia study
Some 55% of respondents say
their businesses have been Fig. 8
growing over the past three years How capital intensive is your business?
with a further 23% saying business Very capital intensive
had at least been stable (Figure
6). The survey findings show 57%
that while much of this growth Moderately capital intensive
had come from a foundation in 30%
domestic and regional Asian Neutral
markets, there was a recognition 13%
and ambition to pursue growth Not very capital intensive
beyond home borders.
0%
For companies that have outgrown Unsure
their home markets, looking for 0%
business abroad is the next step
in their growth trajectory, with
Europe and North America the
most attractive markets to expand Fig. 9
into. Although most respondents Which of the following best describes why you are seeking funding? (Select one)
(81%) still see Asia Pacific Expansion working capital
remaining their primary market,
55% want to expand into the 35%
developed markets of the West Refinance debt
and 46% see opportunity in other
32%
emerging markets (Figure 7).
Project financing needs
Financing needs
25%
The confidence among respondents
in their growth prospects and the Capex funding
ambition to pursue geographic
8%
expansion is influencing the
strategic rationale for seeking
finance. While more than half of
respondents categorized their
businesses as “very capital financing needs, with a quarter
intensive” (57%), funding for capex citing project financing as the main
was selected as the main reason reason (Figure 9). Low interest
for seeking finance by less than a rates across the region have also
tenth (8%) of those polled (Figure encouraged borrowers to refinance
8). For most respondents, their existing loans at more favorable
use of financing proceeds was pricing, with just under a third
focused on investment in resources (32%) citing refinancing as their
to support expansion and cover primary financing requirement.
operational costs and working Refinancing is also being done
capital requirements. to reprofile debt to match
appropriate funding to assets and
More than a third (35%) of activities – which was previously
respondents said expansion and bootstrapped from various private
working capital best defined their sources or self-financed.
13Direct lending mid-market Asia study
Key geographies
and sectors
Asia Pacific stands out among global
markets, as local and offshore creditors
point to the regionfor its opportunities
in the direct lending space. Both
emerging market and advanced
economies hold creditor interests.
14Direct lending mid-market Asia study
A
s private debt has expanded
and won increasing Fig. 10
market share from banks Which geographical markets do you see the greatest dislocations and opportunities?
worldwide, Asia Pacific has offered (Select all that apply)
domestic and international direct Asia Pacific
lenders an attractive mix of growth
and market inefficiencies. Although 100%
the US and European markets may North America
be much larger and more mature,
neither can match the economic 55%
growth and attractive competitive South America
dynamic of the burgeoning direct
lending scene in Asia. 35%
Europe
Asia Pacific is identified as having
the greatest dislocations and 15%
opportunities according to 100% of
survey respondents. North America
is the next closest market, although Fig. 11
some way behind at 55%, followed Which countries specifically?
by South America (35%) and Europe
China
(15%) (Figure 10).
82%
Indeed, Asia offers lenders a broad India
mix of jurisdictions to back, ranging
71%
from faster-growing emerging
Indonesia
markets in China, Indonesia and
India to steadier, more advanced 71%
jurisdictions such as Australia, Australia
Singapore, Japan, Hong Kong 53%
and South Korea. The majority Hong Kong
of respondents identified Asia’s
emerging economies as most
53%
attractive, although more than Singapore
half picked out mature markets 47%
like Australia and Hong Kong as South Korea
offering the best opportunities
41%
(Figure 11). Additionally,
Thailand
respondents seem to be focused
on the region’s larger economies, 35%
leaving mid-market businesses in Vietnam
smaller markets neglected – which 35%
creates ample opportunities for Japan
lenders to tap those markets.
18%
In emerging Asia, rapid economic Malaysia
growth, which is still outpacing 18%
western markets despite recent Philippines
slowdowns and trade war concerns,
6%
has been the key attraction for
15Direct lending mid-market Asia study
lenders. Economic expansion and a
growing middle class has supported Fig. 12
an average growth rate of just Where should Asia risk be priced relative
under 9% across emerging Asian to Europe and North America?
economies over the last decade, 40% Equally
according to the IMF.
Direct lenders have also found the
market to be less intermediated
and competitive. Equally, a growing
number of mid-market companies
60% Higher than
that are seeking third-party finance
to support expansion overseas are
emerging. In more developed markets
in the region, meanwhile, English
and US-style laws and governance Sectors a third of invested global venture
provide inbound lenders with It comes as no surprise that lenders capital, up from a miniscule 4% as
frameworks they are familiar with, operating across Asia expect to see little as five years ago. According
and provide a less risky way to gain the most opportunities in sectors to Nikkei, meanwhile, Asia is now
exposure to the Asian growth story. focused on production (90%) and home to half of the world’s fastest-
trading (60%). Industries within these growing companies, with more than
Pricing and risk verticals have sat at the heart of the 1,679 Asian companies growing their
Asian markets also provide private region’s growth over the last two market capitalizations more than ten-
investors with additional scope to decades, with Asia running a current fold over the last decade.
diversify their portfolios beyond account surplus with the rest of the
Western markets and gain exposure world of just under 2%, according While private equity and venture
to a higher credit pricing dynamic. to the IMF. capital has been heavily involved
There are few pure play direct in financing on the equity side
lending managers in Asia, with the Yet, while direct lenders will be eager during the start-up phases for these
majority of managers either running to participate in these core sectors companies, a lack in working capital
special situations, distressed debt within the Asian economy, they will and expansion capital at present is
or mezzanine strategies, or blending also be excited by the opportunities creating further demand for funding.
these strategies within the credit that Asian companies are creating Indeed, the growth for tech and
space to offer a higher return profile. in “new economy” sectors. The services will create additional need
growing global aspirations of Asian for flexible and more sophisticated
Many respondents (60%) companies mentioned above coincide and bespoke financing, which direct
acknowledged that risk should be with a shift in economies across the lenders are ideally positioned to
priced higher in Asia than in the more region. Export-driven industries like provide in a way that regulatory-
stable and predictable European and manufactured goods remain the constrained banks are unable to.
North America markets (Figure 12). bedrock of Asia’s biggest economies,
The remaining participants (40%) said but the entire region is expanding
that risk should be priced in line with rapidly into the fast-growing services,
the levels seen in the west, but not a consumer and technology sectors too.
single respondent said pricing should
be lower than in developed markets. Bain & Company research shows
that China, for example, is now
“Asia should be priced higher where producing Unicorn companies (start-
risks are concerned. Markets here are ups valued at US$1 billion or more)
a bit more vulnerable to the changes at a faster rate than the US, while
in global atmosphere,” one survey Chinese internet and technology
participant said. firms are now receiving just under
16Direct lending mid-market Asia study
Yielding value in
Asian private credit
Regional and international credit funds highlight
best practices to follow to succeed and achieve
scale in the Asia private credit lending space.
L
enders and borrowers Full utilization of the flexibility that
acknowledge that there are direct lending fund structures can
lessons to be learned from how accommodate is seen as crucial if
the large direct lenders in mature non-bank lenders are to continue
markets have grown their franchises taking market share away from
and supported their portfolios. These banks, who can still price debt
best practices, along with a tailored competitively despite the regulatory
approach to target markets in Asia, requirements they are obliged to
can help creditors take full advantage meet. Most survey participants said
of the favorable fundamentals and this diversified funding was the top
growing opportunities to provide factor critical for success, with 75%
direct lending in Asia. also identifying collateral servicing
17Direct lending mid-market Asia study
"Relationship managers have
become an important part of Fig. 13
dealing with clients and aiming What do you think is critical for success in the private credit lending space?
(Select all that apply)
to offer the best service in
Diversified Funding
the market. Clients' needs are
better understood and faster 90%
processing of loans can be Collateral Servicing
ensured in this manner."
75%
Origination
Respondent
55%
Loan servicing
as important, to demonstrate the 45%
competence and credibility of direct
lenders in the market (Figure 13).
“Factors such as collateral servicing Fig. 14
and diversified funding are also Do you have dedicated origination/relationship managers in your team? Do you have an
equally important in showcasing in-house loan servicing team (that tracks underlying activities on the use of proceeds)?
the vision and capabilities of the In-house loan servicing team
private credit lending space,”
a survey respondent said.
Credit teams: Boots on the ground
Respondents also recognize 65% 30% 5%
the importance of investing in
dedicated local teams for the future
Dedicated origination/relationship managers
growth of non-bank lending. Most
credit funds said they utilized
in-house loan servicing teams
(65%) and dedicated origination
and relationship managers (95%) 95% 5%
to source deal flow and provide
additional value add to clients and
borrowers (Figure 14).
Yes No Unsure
“Relationship managers have
become an important part of
dealing with clients and aiming to
offer the best service in the market.
Clients’ needs are better understood
and faster processing of loans
can be ensured in this manner.
The investment in-house servicing
teams to monitor use of finance has
also been equally important,” one
survey respondent said.
18Direct lending mid-market Asia study
Methodology
In November 2019, a market on the state of and current trends Within the graphed survey results,
participant in the direct lending shaping direct lending in Asia. percentages may not sum to
space commissioned Acuris 100% due to rounding or when
Studios and Debtwire to canvass For credit fund respondents, respondents were allowed to
the opinions of 60 mid-market all survey participants were choose more than one answer.
firms in Asia Pacific and 20 private dedicated Asia-based private debt
credit lenders with operations in managers and have dedicated
the region to gauge their opinions private debt funds.
(Mid-market firm) Where is your APAC HQ located? (Mid-market firm) What was your company's most recent
annual revenue (US$m)?
47% 23% 17% 13% 49% 18% 30%
Singapore Hong Kong Australia Rest of Asia 3%
(please specify)
100 - 300 300 - 500 500 - 1B 1B to 3B
(Mid-market firm) Which of the following best describes your (Lenders) Are you a dedicated Asia-based private debt
business operations? Please select one. manager, and where are your HQ based in Asia?
22% 41% 13% 12% 12% 60% 30%
Manufacturing Production Trading Singapore Hong Kong Australia China 5%
Distribution Services 5%
(Lenders) Do you specialize in a strategy? (Lenders) What is your total AUM (in US$)?
25% 30% 40% 10% 25% 65%
5%
Special Situation Distressed Direct Lending Less than 300MM 300 - 500MM 500 - 1BN
Mezzanine/ Leveraged Loans A combination More than 1BN
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