PP players stalk larger companies after Vanguard blowout

By Silas Brown
06 Aug 2020

Institutional investors in private placements (PPs) have signalled their appetite for borrowers beyond their typical stables throughout the coronavirus pandemic. But this week’s transaction from Vanguard Group — the largest in the market’s history — showed the size of funding available, as buyers demand bigger deals. Silas Brown reports.

Private credit has had a bumpy ride during the pandemic. Without an active secondary market, PP investors are highly exposed to financial crises. Arrangers, investors and lawyers have been talking with borrowers to sign off on amendments and covenant waivers in order to stave off technical defaults to ...

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