Isabel Marant pokes private debt in the eye

By Owen Sanderson
06 Feb 2020

For all the dry powder available in private debt markets, Isabel Marant’s high yield debut, priced on Wednesday and a trade squarely in the so-called sweet spot for private credit, showed that public markets still have the edge.

The luxury goods firm, part-owned by the founder and mid-market sponsor Montefiore, ought to have been a slam-dunk for the burgeoning private credit markets. A €200m deal, funding a €134m dividend to a rarely seen sponsor, for a company with no outstanding securities, no market following, and without ...

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