September 25, 2025
Author
Paulette Bennia
Dans cet article

Publication of the Aether FS Unitranche France index for the 2nd quarter 2025

Date of the event:

Paris, September 23, 2025

Publication of the Aether FS Unitranche France index for the 2nd quarter 2025

The Aether FS Unitranche France Index experienced a slight decline in Q2 2025. The margin per turn of leverage stood at 1.59%, compared to 1.62% in the first quarter. Early-year trends are confirmed, with a simultaneous decrease in spreads and leverage at closing.

6 months rolling average interest margin/levarage ratio
></p><p>As a reminder, the Aether FS Unitranche France Index serves as a benchmark for market conditions in the private debt space. It provides an assessment of the cost per turn of leverage (excluding base rate) in unitranche transactions in France.</p><p>In Q2 2025, the index was calculated based on a total of 24 unitranche deals completed in France during the first half of the year (rolling 6-month basis), representing a total deployed amount of €2.0 billion — down from €3.3 billion in H2 2024.</p><p>Transactions remained concentrated in the Mid Cap segment, with an average debt amount at closing of €85 million per deal in H1 2025, consistent with the level observed in H2 2024.</p><p>Closing leverage reached its lowest level since the index was created, at 3.84x. This trend is largely driven by the uncertainty stemming from the trade war led by the U.S. administration.<br />In this context, we observe a reduced reliance on debt in unitranche transactions in France, despite the continued decline in ECB rates during the first half of the year, which otherwise supported favorable borrowing conditions.</p><h6 style=

Evolution of Leverage at closing

></p><p>Average closing margins (or “spreads at closing”) have also dropped below the 6% threshold, reaching 5.82% — a relatively low level for this market segment.<br />This trend can largely be attributed to intense competition among investment funds and the significant amounts of dry powder they hold, leading to concessions on borrowing rates.</p><h6> </h6><h6 style=

Evolution of Spreads at closing

Read more articles

Publication of the Aether FS Unitranche France index for the 1st quarter 2025

Read more
Press Release

Aether FS opens new offices in Europe

Read more
Press Release

Launch of myBSPCE Value

Read more
Press Release