Private Debt - All Articles

  • Government reins in UK council borrowing with new PWLB guidelines

    The UK government tightened guidance for local authority borrowing on Wednesday, in a bid to stymie the riskier borrowing-to-invest models certain UK councils have adopted over the past decade.

    • 25 Nov 2020
  • Bellway debuts in US private placement market

    UK homebuilder Bellway has sold £130m of US private placements, according to market sources, across seven and 10 years. This is likely to be the last broadly marketed USPP deal of the year.

    • 25 Nov 2020
  • GC Loan Awards poll closes today!

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 will close today. If you haven't yet voted, we would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2020. We remind you that an institution cannot win a category it hasn't voted on.

    • 25 Nov 2020
  • MTNs join bank sub-benchmark flurry

    Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.

    • 23 Nov 2020
  • Schroders targets pandemic opportunity with new private securitized fund

    Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.

    • 23 Nov 2020
  • Cineworld offers equity sweetener for new round of emergency liquidity

    Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading into a post-vaccine age.

    • 23 Nov 2020
  • Hogwarts owner strikes £200m deal in private market

    Northumberland Estates, the body that manages the interests of the Duke of Northumberland, has sold £200m worth of private placements to US and UK investors, according to market sources. The borrower joins Blenheim Palace, the Duchy of Cornwall and a long list of esoteric credits to tap the private markets.

    • 19 Nov 2020
  • 'US direct lending saturated,' says Pemberton

    Symon Drake-Brockman, the founder and managing partner of European direct lender Pemberton Asset Management, thinks that the US direct lending market has matured to such an extent that further growth is tricky, whereas Europe still has fruitful opportunities ahead.

    • 18 Nov 2020
  • Private credit’s big moment is still to come

    When the Covid-19 crisis hit in the spring, it looked like a golden opportunity for private credit funds. But the window shut as quickly as it opened, preventing the hungry funds from deploying much of their dry powder. But their moment may have finally arrived.

    • 18 Nov 2020
  • Croydon’s insolvency could be just the beginning

    Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.

    • 17 Nov 2020
  • German airports creep back to Schuldschein as Hamburg launches deal

    Hamburg Airport has launched a Schuldschein deal, following Munich Airport’s entry into the market in early October.

    • 17 Nov 2020
  • Hedgies targeting SSD hampered by new laws

    Hedge funds have started to take a keen interest in the Schuldschein market, but restructuring laws in Germany set to come into effect in January will stop them before they truly get started.

    • 16 Nov 2020
  • SSAs look to finish 2020 in MTNs

    Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

    • 12 Nov 2020
  • People moves in brief

    BTIG hires Hugo Clark — Floris Hovingh joins A&M

    • 12 Nov 2020
  • Pubco Marston’s looks for fresh waivers

    UK pub chain and brewer Marston’s asked some of its noteholders for fresh covenant waivers on Wednesday, as a measure to help mitigate the impact of a second lockdown.

    • 11 Nov 2020
  • AllianceBernstein moves into European real estate direct lending

    AllianceBernstein has launched a €1.2bn European real estate debt fund alongside Lacarne Capital, in the hope of exploiting a moment where the sector’s traditional sources of funding may be less forthcoming.

    • 11 Nov 2020
  • Chick-fil-A’s PP sparks search for follow-up issuers

    US fast food chain Chick-fil-A has issued a $1.7bn US private placement, according to market sources, in what is widely regarded as one of the tightest deals sold since the outbreak of coronavirus. Arrangers in London are looking for similar companies in Europe that could be tempted to issue.

    • 10 Nov 2020
  • SSD arrangers withdraw from market

    A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

    • 09 Nov 2020
  • Alvarez & Marsal builds up private debt advisory with Deloitte hire

    Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

    • 09 Nov 2020
  • Royal College of Surgeons raises PPs for property development

    The Royal College of Surgeons England has sold £40m of private placements, to help finance the redevelopment of its headquarters in Lincoln’s Inn Fields in London.

    • 06 Nov 2020
  • Pandemic to hit ability to meet KPIs on ESG loans

    The coronavirus pandemic has forced the hands of many corporate treasurers to radically alter their business strategies. This will likely have an impact on companies' abilities to meet targets on their sustainability-linked facilities, some bankers believe. Silas Brown reports

    • 05 Nov 2020
  • Müller corners €250m of PP funding

    German dairy group Müller has sold €250m of US private placements across five, seven and 10 years maturities.

    • 04 Nov 2020
  • Aero supplier Meggitt takes $300m in US private placements

    Aerospace and defence supplier Meggitt has sold $300m US private placements at three and five years, according to market sources, with leverage step ups to further protect investors.

    • 04 Nov 2020
  • Quadgas makes grand return to PPs

    Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.

    • 03 Nov 2020
  • Puma launches ESG-linked SSD

    Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

    • 02 Nov 2020
  • Brussels Airport clears runway for private placement issue

    Brussels Airport is looking to sell US private placements, according to market sources. It is the first European airport to try its luck in the market since the coronavirus reached Europe.

    • 02 Nov 2020