Private Debt

  • Lloyd’s of London debuts in US private placements

    Lloyd’s of London debuts in US private placements

    The Society of London, better known as Lloyd’s of London, is marketing a US private placement (PP). The insurance organisation's debut in PPs in its 333 year history is another sign the market is attracting a wider range of UK companies than ever before.

    07 Nov 2019
  • Carmila sticks to curve in MTN debut

    Carmila sticks to curve in MTN debut

    French shopping centre operator Carmila visited the MTN market for the first time on Monday, 18 months after it last sold a bond via syndication. Rare issuer Toyota Industries Finance International returned to private placements at the end of last week to place its second euro floating rate MTN of the year.

    31 Oct 2019
  • Sustainability-linked Schuldscheine solidifies as trend

    Sustainability-linked Schuldscheine solidifies as trend

    Austrian cellulose fibre maker Lenzing has launched a Schuldschein with a sustainability-linked pricing ratchet, just days before Italian infrastructure engineering firm Maire Tecnimont came with its own sustainability-linked deal..

    31 Oct 2019
  • Maire Tecnimont ramps up sustainability delta in Schuldschein market

    Maire Tecnimont ramps up sustainability delta in Schuldschein market

    Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors.

    31 Oct 2019
  • Gestamp closes as Schuldschein spreads toward Italy and Spain

    Gestamp closes as Schuldschein spreads toward Italy and Spain

    Gestamp, the Spanish automotive engineering company, has closed its Schuldschein with indications of a final size at about €180m. Market players believe that Spain and Italy may be the next key sources of growth in the years to come.

    31 Oct 2019
  • Cromwell’s hopes of SSD debut remain alive

    Cromwell’s hopes of SSD debut remain alive

    One of the more fascinating transactions to reach the Schuldschein market in the past few months is from the European arm of Singapore-listed real estate investment trust (Reit) Cromwell. The transaction’s closing date was postponed by more than a month, as many away from the deal claimed the deal was struggling to find traction. But bankers close to the situation were quick to assure that it was still on track and investors just needed more time to analyse the credit.

    30 Oct 2019

  • Dechra Pharmaceuticals to debut in US PPs

    Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has entered the US private placement (US PP) market, according to sources, in a debut set to test institutional appetite for the sector.

    30 Oct 2019
  • TVO makes opportunistic MTN return

    TVO makes opportunistic MTN return

    The Swedish krona MTN market’s bumper year received a further boost as nuclear power plant operator Teollisuuden Voima Oy (TVO) returned to the MTN market for the first time in five years to place a pair of notes in the currency. However, the return may be short lived, as TVO has plenty of access to cash and will take an opportunistic approach to future issuance.

    29 Oct 2019
  • UKLAs loan squeeze makes no sense

    UKLAs loan squeeze makes no sense

    The Public Works Loans Board has given investment banks and asset managers the Christmas present they have been praying for for years. By hiking the cost of loans to local authorities, it will force them into private capital markets. Big mistake.

    29 Oct 2019
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