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Margins widen as lenders weigh up AI disruption to portfolio companies
◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds ◆ Why issuing in dollars has become so dicey for supranationals and agencies ◆ Europe’s advantage in the private credit meltdown
A slow destruction of misallocated investment is more likely than a sudden stop
Investors confident software fears are overblown
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Institutional investors are on the verge of a huge opportunity in private debt, as assets migrate out of the banking system, according to Thierry Adant, who joined Newmarket Capital this week as its chief investment officer.
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The US basketball league The National Basketball Association has sold $900m of US private placements, according to market sources, some four months after the National Football League came to the market for $1.7bn.
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Mid-market firm CapVest won the auction to buy software provider Datasite with a unitranche loan in October, and it is now taking out the senior layer with a public syndication to firm up the financing on better terms. It's a deal that combines the strengths of public and private funding.
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US direct lender Owl Rock has hired its first employee in London, as it seeks to develop its business in Europe.
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Schuldschein investors have soured on auto, travel and retail sector borrowers through the coronavirus pandemic, which had historically brought significant deal flow to the market. Now bookrunners are scrabbling to find new sectors for investors to lend to.
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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.