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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
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A private debt banker for Lloyds Securities in New York has left the bank, with one source suggesting he will start covering US private placements (US PP) for another arranger. -
DCM bankers in Asia have used a quiet August to prepare new bond deals for next month. But despite most bankers’ optimism that the coming weeks will be busy, many believe the second half of 2019 will be quiet compared with the same time last year as the market gets battered by volatility. Morgan Davis reports.
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VC Trade, one of the leading digital platforms in the Schuldschein market, has introduced an e-signature into its syndication process, which its founders claim renders the syndication process totally paperless. An impediment to paperless transactions has been market participants’ fear of regulatory and legal consequences — but VC Trade believes it has managed to navigate a way over these hurdles.
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Asset manager Pemberton has raised €3.2bn for a direct lending fund focusing on Europe’s mid-market. This is a few months after it raised €1bn for another European direct lending platform, Strategic Credit Opportunities Strategy (SCOS), which has higher expectations on returns.
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Agents active in private debt markets in the UK are growing increasingly frustrated by a crop of advisory firms muscling in on their market share, often arranging deals without the need an investment bank. Some bankers allege that advisory firms don’t have the capacity to price deals effectively, and also that some do not have appropriate regulatory cover from the US regulators to pitch investors there legally.
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Banks like Goldman Sachs have positioned corporate broking as part of a wider, integrated offering to clients — a strategy that appears to be the future of this traditional UK line of business, writes David Rothnie.
