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Long seen as adversaries, banks and private credit lenders are getting used to working together
Fahy will also lead asset-based finance origination
Direct lending default rates tick higher amid notable distressed situations
A Swiss borrower has already closed books and Austria's Egger will soon
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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. -
Germany’s largest supermarket chain, Edeka, launched a Schuldschein on Tuesday, looking for at least €200m.
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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.
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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.
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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.
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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.
