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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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Segro, the FTSE 100 UK real estate investment trust, has entered the private placement market with an initial target of €250m. -
UK universities face financial peril. Having been shuttered due to the coronavirus pandemic, some risk going bust, according to the Institute for Fiscal Studies (IFS). Meanwhile, as accommodation operators grant refunds to students who are locked out and locked down, CMBS deals backed by student accommodation may survive, if sufficient numbers return to residences when the next academic year begins. Silas Brown and Tom Brown report.
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Huawei Technologies, sanctioned by the US and now having its participation in the UK's 5G network questioned by the government, looked into raising hundreds of millions of euros in the Schuldschein market two years ago. But concern that buyers would freeze at a groundswell of negative news, whipped up in part from the US, scared the Chinese company off taking the risk. Its increasing isolation in major European countries means it is unlikely to use its capital markets any time soon.
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Sodexo, the French food service and facilities management firm, saw bumper demand for its €1bn no-grow dual-tranche bond issue on Wednesday, a day after it reported a 30% drop in revenue, and weeks after it shocked the US private placement (PP) market by saying it would repay around $1.6bn of debt early as it could do better in other financing markets.
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UK home emergency and repair company Homeserve has entered the US private placement market, according to sources, looking for at least £125m.
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Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.
