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GC Asia
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‘Private credit will come out of this stronger’ – Pemberton’s Drake-Brockman on the fate of European direct lending
Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19.Symon Drake-Brockman Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake.
08 Apr 2020 -
Schuldschein market in a muddle over Covid-19 pricing levels
Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.
07 Apr 2020 -
Banks carry on conduit lending despite coronavirus crunch
According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.
06 Apr 2020 -
India’s Adani returns to the PP market for more
Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.
06 Apr 2020 -
Dyson first UK firm to sell PPs under clouds of Covid-19
Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals. Sources said the UK manufacturer succeeded because it was realistic over the price it would have to pay.
02 Apr 2020 -
Aircraft lessors under spotlight in PP market
Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.
01 Apr 2020 -
Home a-loan: lenders learn to love WFH
The loans market has been one part of the capital markets that has perhaps unsurprisingly taken to working from home easier than most. Some loans bankers even see a world after the pandemic where one or two days a week working out of the office becomes the norm.
31 Mar 2020 -
Hotel firm Whitbread amends clause to avoid technical default
Whitbread, the UK hotel and restaurant company behind Premier Inn, has amended a clause in its debt documentation which could have left it liable for technical default. One source said several companies may have to go through a similar amendment process.
31 Mar 2020 -
BMW sells quick SSD as German autos test private debt
BMW has raised €200m from a single investor in the Schuldschein market, according to several market sources. Arrangers are talking with Schuldschein investors to gauge appetite for German auto manufacturers as the Covid-19 pandemic wreaks havoc on corporate earnings.
30 Mar 2020 -
Wizard wheeze: leveraged investors worry about sponsor cash injections
Merlin Entertainments, one of last year’s biggest take-privates, has some investors worried about whether it will seek new financing to get it through the coronavirus lockdowns that have shuttered the theme park business’s main sites. Any new financing could weaken the security package for existing lenders and bondholders — though liquidity to get through the lockdowns is essential, writes Owen Sanderson.
26 Mar 2020 -
People moves in brief
Amine leaves Credit Suisse — CIFC picks new research head
26 Mar 2020 -
Schuldschein moves undercover as firms chase big buyers
The Schuldschein market’s official lines of bookbuilding have been all but shut during the Covid-19 crisis, but sources have told GlobalCapital that several companies have discreetly approached larger lenders for club or bilateral deals.
26 Mar 2020 -
Japanese buyers eyeing European corp debt
The MTN market is expecting a wave of corporate issuance in the coming weeks, as companies seek to tap all available sources of funding to shore up their resources to survive the coronavirus crisis. Investors are open to doing deals, particularly Japanese accounts eager to buy paper at the start of their new fiscal year, which begins this week.
25 Mar 2020 -
Johnson Matthey looks for PPs as dollars prove a safer bet
UK chemicals firm Johnson Matthey is looking for a target of $300m US private placement funding, with arrangers more confident of selling dollar debt than euro or sterling flavours.
25 Mar 2020 -
Ex-IBCM head Amine leaves Credit Suisse
James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.
25 Mar 2020
