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US PP market: hold firm on covenants
Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality.
05 Dec 2019 -
Many ‘still in dark’ over Schuldschein secondaries
As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.
05 Dec 2019 -
Gewobag’s negative floor gamble pays off in Schuldschein market
Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.
05 Dec 2019 -
US PP investors fear lighter covenants await in 2020
US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.
04 Dec 2019 -
Adani's debut USPP pushed into 2020
Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.
02 Dec 2019 -
PIC presents case for institutional investment in UK housing associations
Pension Insurance Corporation (PIC) published a report on Thursday making the case for institutional investment into UK social housing. The sector has come under pressure from falls in government funding and the increasing costs of developing new homes. Capital from the insurance sector could provide a valve, PIC claims.
28 Nov 2019 -
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David Pepper
It is with much sadness that GlobalCapital reports the death of David Pepper, Bank of America’s head of loan capital markets for Europe, the Middle East and Africa.
28 Nov 2019 -
Rare visitors hit screens as year end approaches
A handful of rare visitors came to the marker this week to place debt in dollars and yen, and bankers scrambled for a QNB mandate.
27 Nov 2019 -
Landesbanks push Schuldschein floors negative
Key Schuldschein arrangers that have long felt uncomfortable with floors at 0% for fixed and floating rate notes are gearing up to bring more borrowers to market with a Euribor floor set below zero in the new year.
27 Nov 2019 -
Direct lending no threat to syndicated debt
Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.
26 Nov 2019 -
Ermewa looks away from France to sell private placements
Ermewa, a train lessor owned by France's state-owned railway company SNCF, is set to sell private placements to a collection of six institutional investors — none of which are from France.
26 Nov 2019 -
Akuo raises further green Euro PPs
Akuo Energy, a French renewable energy producer, has sold €45m of green Euro Private Placements (Euro PP), as the sustainable element in the market grows.
25 Nov 2019 -
US buyers drive Lloyd’s of London debut PP
The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.
25 Nov 2019 -
UK water firms braced for double date with destiny
UK water companies have a tricky December to navigate. The UK opposition Labour Party on Thursday made an election pledge to renationalise them, while they also face regulators' desires to toughen the financial regime under which they operate. Silas Brown reports.
21 Nov 2019 -
SSD sellers seek new lenders with ESG mandates
Schuldschein salespeople, ever on the hunt for new investors with deep pockets, are targeting institutions with environmental, social and governance (ESG) portfolios as the trend for green deals flourishes.
21 Nov 2019
