Credit cracks on as private debt makes incursion into investment grade financing

Both the investment grade corporate and financial institution bond markets this week hosted stellar new issues, proving that for certain issuers the perceived lack of summer liquidity is a fiction.

Wendel broke its usual issuance pattern to price a very successful new issue, proving that it isn't just the biggest blue chips that can get deals done. We ask what Wendel's success has done to the immediate pipeline in that asset class.

Meanwhile, there was a hat-trick of well-received new issues from major bank issuers. We look at the options for FIG issuers across the capital stack in light of these trades.

Finally, the rise of private credit is one of the hottest topics in finance. Traditionally a source of cash for sub-investment grade companies, investors are now looking to lend to the best rated borrowers. We discuss whether this is a threat to the bond and loan markets.