Isabel Marant pokes private debt in the eye

IsabelMarant_PA29Jan
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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