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Deal said to be largest of its kind in private credit as a once niche industry continues rise to mainstream
More companies considered IG could lead to more financing through private markets
◆ Wendel proves the summer market isn't just for the big boys ◆ Trio of new issues show buoyant market for banks ◆ Private credit's threat to the investment grade bond and loan markets
Major private credit investors aspire to more as funding from private debt seeks to go mainstream
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Serco is set to sell US private placements, according to market sources, a rarity from the UK support services since the sector fell into hot water with PP investors a few years ago. -
NatWest Markets has restructured its divisions and given them new leadership. It is also moving some UK corporate-focused bankers over to the ring-fenced bank.
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VC Trade, a digital platform in the Schuldschein market, has begun promoting secondary trading on its system, with an eye of scaling up into Europe’s loan markets.
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Rothesay Asset Management North America promoted Robert Allard to a newly created role of chief investment officer and added Daniel Parisi as mortgage analyst in a move to ramp up its US structured finance team.
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Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.
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Institutional investors in private placements (PPs) have signalled their appetite for borrowers beyond their typical stables throughout the coronavirus pandemic. But this week’s transaction from Vanguard Group — the largest in the market’s history — showed the size of funding available, as buyers demand bigger deals. Silas Brown reports.
