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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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Private debt blossomed after the last financial crisis, as European companies grew more sophisticated and sought to diversify their funding strategies away from bank loans and bond markets. But the coronavirus has highlighted its shortcomings, particularly around speed of execution. It may be hard to regain the momentum. -
French dairy cooperative Sodiaal has entered the Schuldschein market, according to market sources, on the hunt for at least €100m.
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Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.
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German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.
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French aerospace and defence company Safran has closed a large US private placement, according to market sources, of €566m-equivalent in euros and dollars.
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Robert Bosch has joined a rare club to issue €2bn-plus in a single Schuldschein. The A+ rated German car parts supplier re-opened the market with an initial target of €500m. Bankers say the final result is an illustration of the depth of the market for well-rated corporates.
