Aether Index, the premier benchmark for private debt in France

Aether Financial Services announces the publication of the first index on private debt in France: the Aether FS Unitranche France Index, aimed at providing a new perspective on this market, particularly regarding Unitranche financing.

A Young Asset Class Lacking Data

In France, Unitranche financing is a relatively young asset class that lacks measurement tools and statistics.

In an environment where the M&A and Private Equity sectors are scrutinized and analyzed from all angles, the absence of an index for Unitranche financing is outdated. It is in this context that Aether Financial Services, an independent leader in the private debt agency sector in France, seeks to address this lack of benchmarks by creating a simple, readable, understandable, and user-friendly index.

The Index Aims to Observe Market Trends

Constructed from Unitranche financings in France, where Aether Financial Services acts as an agent, as well as from third-party transactions, the Aether FS Unitranche France Index measures the financial cost of an EBITDA or leverage round by establishing the ratio between the interest margin and leverage, both observed at the transaction's closing.

“The Aether FS Unitranche France Index aims to provide a benchmark for the credit analysis work of private debt specialists, investors, or financial advisors. The Aether FS Unitranche France Index will offer a unique insight into the market and a trend on financing costs, particularly in the long term,” states Edouard Narboux, co-founder of Aether Financial Services.

“The Aether FS Unitranche France Index stems from a desire to create a quantitative, factual, and objective indicator. The calculation of the Index corresponds to a precise specification that is uniformly applicable to all Unitranche financings,” adds Henri-Pierre Jeancard, co-founder of Aether Financial Services.