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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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DZ Bank has signed up to the leading digital platform in the Schuldschein market, VC Trade. The German bank brings roughly 850 affiliated co-operative banks with it, which VC Trade’s founders believe is a game changer. -
Three of the Big Four accounting firms have looked to raise debt privately over the past few months, according to market sources, as PwC joins the US entities of KPMG and Deloitte in entering the US private placement market.
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French aerospace and defence company Safran has entered the US private placement market, according to market sources, looking for at least €400m.
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Angus Whelchel, who was global head of private capital markets and a managing director at Barclays, has left the bank, according to market sources.
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Many felt that Chinese banks, key investors in Schuldscheine, would pull back from the market as the pandemic hit. This has been far from the case.
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Several market players have said family offices in need of cash are struggling to come to terms with restrictions on companies that have taken state aid to survive the coronavirus pandemic paying dividends. This has made other forms of debt, such as Schuldscheine, with no bans on dividend payments, more attractive.
