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GC Asia
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Largest Schuldschein lenders suffer most amid supply drop
Larger Asian and European commercial bank lenders are being scaled back by as much as 90% in certain Schuldscheine, as sluggish deal flow prompts arranging banks to make tough decisions.
22 Jul 2021 -
Pemberton targets wealth managers for private credit growth
European direct lender Pemberton is making a push to sign up wealth and asset managers in a bid to grow the private credit market's investor base.
19 Jul 2021 -
LPs: mind the information gap
Limited partners in private credit take a hands-off approach when investing in direct lending funds. But they need to pay attention.
15 Jul 2021 -
Concerns fly about leverage covenants in direct lending market
Direct lending funds are known for protecting their investments with leverage covenants, but the investors in these funds — known as limited partners (LPs) — may be overestimating how much protection they give, market sources warned this week. Silas Brown reports.
15 Jul 2021 -
Tikehau impact fund to pressure high yield market to go green
High yield bond investors have been slower to embrace sustainable finance than other areas of the capital markets but the tide could be turning. Asset manager Tikehau has launched a new impact credit fund, focusing on leveraged finance in a bid to push the market towards sustainability.
13 Jul 2021 -
Spanish champions Atlético Madrid tap the PP market for €300m
Spanish football club Atlético Madrid has signed a €300m US private placement, following its rivals FC Barcelona into the market.
13 Jul 2021 -
Investec pushes further into levfin with hires from ABN Amro, Deloitte
Investec has hired two new staffers to its growth and leveraged finance team, after launching an inaugural direct lending fund at the start of 2021.
13 Jul 2021 -
Niche MTN names fill the void
Rare credits are stepping in to pick up the pre-summer slack, with unusual financial and corporate names returning to a market hungry for new supply.
13 Jul 2021 -
Essentra closes private placement at $250m
Essentra, the UK speciality fibres and plastics maker, has closed a US private placement deal at $250m.
09 Jul 2021 -
High oversubscriptions show SSD lenders’ desperation for assets
Several Schuldschein issuers have more than tripled their initial targets for deals, with arrangers saying many have gone subject just days after launch. The deal outcomes show a chronic supply and demand imbalance, as the market comes to terms with a persistent drop in deal flow.
07 Jul 2021 -
Enervie unravels syndicated loan into collection of financings
Enervie, a German energy supplier, has completed a €170m refinancing package, taking the unusual step of swapping a single syndicated facility for a collection of different funding sources.
07 Jul 2021 -
United Internet closes Schuldschein at €750m
German telecoms and internet company United Internet has issued one of the largest Schuldschein deals this year, raising €750m according to market sources, more than doubling its initial target of €300m.
02 Jul 2021 -
Iliad closes €500m SSD deal with novel extension language
French telecoms firm Iliad has sold €500m of Schuldschein debt, with a novel extension clause attached to one tranche. But due to the investor-friendly terms of the extension language, there was no push-back from lenders.
01 Jul 2021 -
AllianzGI’s head of European corporate loans to retire
Thomas Schneider, head of European corporate loans at Allianz Global Investors, is set to retire at the end of July.
01 Jul 2021 -
Breedon closes debut PP deal at £250m
UK listed construction materials manufacturer Breedon has closed £250m-equivalent worth of US private placements in euros and sterling, according to market sources.
29 Jun 2021
Private Debt
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