Against the background of the need for alternative and additional financing channels for SMEs in Europe, this paper analyses the market segment of debt funds and provides comprehensive insight into ESG considerations in the lending strategy of private debt funds. The paper is based on the...

U.S state and local governments are increasingly turning to bank financing amid deteriorating fiscal positions. We document that the maturity and collateral structure of municipal bank loans allows borrowers additional debt capacity by diluting outstanding long-term bonds. Specifically, most...