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GC Asia
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Will direct lenders prove to be wolves in sheep’s clothing?
Direct lenders and debt funds have always pitched themselves as closer partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can move faster to waive covenants and offer new money than a less concentrated creditor group. But this so called partnership also puts them in pole position to take the keys when things go wrong — which we may see happen this year.
26 Jan 2021 -
HAs to spur PP activity in February
A number of smaller UK housing associations are preparing to launch private placements, after a month of next to no dealflow.
26 Jan 2021 -
Stabilus launches Schuldschein as autos fine-tune return
German car part maker Stabilus began marketing a Schuldschein on Monday, as many consider whether the automotive sector should be back on investors' buy lists.
25 Jan 2021 -
People moves in brief: January 21, 2021
Mark Soriano joins Natixis — Deutsche's Frazer Ross is taking a sabbatical — Fidelity hires private credit team
21 Jan 2021 -
Direct lenders toughen up as latest Covid wave bites
Several industries once popular with direct lenders have struggled to cope through the coronavirus. Now, direct lenders say they have toughened terms for borrowers from these sectors.
21 Jan 2021 -
What price bonds in the Biden era?
A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.
21 Jan 2021 -
New year brings relief to international Schuldschein arrangers
The decline in international and debut Schuldschein issuance last year had a disproportionate impact on non-German bank arrangers. But this year’s bright start has given them a new lease of life.
20 Jan 2021 -
Fidelity moves into private credit with team hire
Fidelity International has hired a team of 10 private credit specialists from MeDirect Bank, in its first foray into European private debt.
19 Jan 2021 -
Afme proposes recapping with equity-like
Many EU companies could do with capital beyond debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.
19 Jan 2021 -
Dawn of Schuldschein debuts as TeamViewer launches ESG deal
German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.
18 Jan 2021 -
Aedifica debuts in US PPs
Aedifica, a Belgium-based healthcare property investment company, has launched a US private placement, according to market sources.
18 Jan 2021 -
Trafigura causes stir with debut Schuldschein
Commodities trading giant Trafigura has launched a Schuldschein which, due to its poor credit profile and high intended yield, is a clear outlier in the market, while some bankers are surprised that such a large company would try to raise such a small loan.
15 Jan 2021 -
Hamburg Airport fails to land Schuldschein
Hamburg Airport has pulled a Schuldschein transaction with an initial target of €100m, according to several market sources, due to a lack of interest from investors.
15 Jan 2021 -
People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
14 Jan 2021 -
Mayr-Melnhof Karton launches debut Schuldschein deal
Austrian paper and packaging firm Mayr-Melnhof Karton, called MM Karton for short, has launched a Schuldscheine, with an initial target of €300m.
14 Jan 2021
Private Debt
Private Debt Newsletter is GlobalCapital's free weekly newsletter that keeps you updated on transactions and themes within private debt, with occasional opinion pieces.
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