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Record fundraising in 2025 has left private lenders fighting for deals
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
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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. -
Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.
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Safran is set to sell a large US private placement this summer, as the French aerospace and defence company looks to extend its maturity profile.
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Unsecured euro money market borrowing this week reached its highest level since the European Central Bank began publishing statistics in November 2017, driven by issuers scrambling for funds to combat the coronavirus pandemic, according to one analyst.
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UK food and ingredients company Tate & Lyle has sold a $200m US private placement, according to two sources familiar with the situation. Several agents have said that requests for proposals are now rolling in after a quieter few months.
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The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market.
