PP market should target financial firms
US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.
In the US, a swathe of high profile issuers kept the $50bn-$60bn a year market buoyant.
Fast food chain Chick-fil-A, online titan Amazon, sports leagues the NFL and the NBA, and the US arms of the Big Four auditor all tapped the market.Market participants in the UK and ...