Private Debt

  • US PP market: hold firm on covenants

    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.

  • Gewobag’s negative floor gamble pays off in Schuldschein market

    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.

  • US PP investors fear lighter covenants await in 2020

    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.

  • Adani's debut USPP pushed into 2020

    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.

  • 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.

  • David Pepper

    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.

  • Landesbanks push Schuldschein floors negative

    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.

  • Direct lending no threat to syndicated debt

    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.

  • Akuo raises further green Euro PPs

    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.

  • US buyers drive Lloyd’s of London debut PP

    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.

  • UK water firms braced for double date with destiny

    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.

  • 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.

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