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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 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. -
The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.
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Great Portland Estates, the UK real estate investment trust, is looking to close a set of private placements next week, according to market sources.
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Regular credits in the private placement markets in Europe, like UK utilities, have disappeared from the scene since the coronavirus pandemic began because investors have not managed to reduce their yield targets to compete with pricing in public markets. Silas Brown reports.
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German real estate firm ADO Properties has sold a €400m five year high yield bond, its first since an audacious merger with competitors Adler Real Estate and Consus.
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The National Football League, the professional American football league in the US, has sold $1.7bn of private placements, according to market sources, to help steer the organisation through the coronavirus.
