Private Debt - All Articles

  • Glass half empty: pubcos strike covenant waivers for private placements

    UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer.

    • 27 Oct 2020
  • Upstart broker rocks up in Schuldschein to spur secondary trading

    The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.

    • 22 Oct 2020
  • Dairy producers Glanbia, Müller milk private placements

    Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.

    • 21 Oct 2020
  • Aero supplier Meggitt looks to sell US private placements

    Aerospace and defence supplier Meggitt has entered the US private placement market, according to sources, on the hunt for at least $200m. Like others in the sector, Meggitt has struggled through the pandemic.

    • 20 Oct 2020
  • Quadgas breaks utilities’ silence in private placements

    Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has launched a US private placement, in the first whiff of a deal from the sector in the UK for more than six months.

    • 19 Oct 2020
  • Körber enters Schuldschein market for new cash

    German technology company Körber has entered the Schuldschein market, on the hunt for at least €200m. This figure could rise with additional demand.

    • 15 Oct 2020
  • Triton bolsters European biz with new debt fund

    Triton has closed a €744m private debt fund, Triton Debt Opportunities II (TDO II), focused on Northern Europe’s mid-market.

    • 14 Oct 2020
  • L&G offers HA Bernicia lengthy debt

    Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.

    • 14 Oct 2020
  • Edeka stocks up on Schuldschein

    Germany’s largest supermarket chain, Edeka, launched a Schuldschein on Tuesday, looking for at least €200m.

    • 13 Oct 2020
  • Munich Airport seeks cash in Schuldschein market

    Munich Airport has launched a Schuldschein with an initial target of €200m, the first airport to enter the market since a flurry of deals in March as the coronavirus pandemic hit Europe.

    • 09 Oct 2020
  • Gold top: cream of direct lending biz covers up pain beneath

    Large deals and fundraising from a clutch of elite direct lenders, alongside high profile tie-ups with sovereign wealth funds, have prompted many to characterise direct lending as enjoying a golden age. But the success of some funds looks set to come at the expense of many others, writes Silas Brown.

    • 08 Oct 2020
  • Amprion powers into Schuldschein market

    German electricity transmission firm Amprion launched Schuldschein and Namensschuldverschreibungen (NSV) notes on Wednesday, becoming the first borrower to launch a deal into the market this month. Bankers are gearing up for a busy fourth quarter.

    • 07 Oct 2020
  • Fears of PP exodus as amendment round looms

    US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders.

    • 06 Oct 2020
  • VTG sells hefty Euro and US PPs

    German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.

    • 05 Oct 2020
  • €STR falls to record low, leaves CP on edge

    The Euro Short Term Rate (€STR) hit a record low on Wednesday as the latest round of TLTRO funding raised liquidity in the banking system. If €STR is to settle at this new low, it could impact commercial paper funds as investors withdraw in search of higher yields.

    • 01 Oct 2020
  • Schuldschein bankers ready market for busy October

    Schuldschein lenders are gearing up for a wave of borrowers to tap the market this month, looking to capitalise on mounting piles of investor cash.

    • 01 Oct 2020