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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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More UK councils are considering selling private placements, according to several sources familiar with the situation, as their funding needs escalate thanks to the coronavirus pandemic. Institutional investors, some of which are sceptical of local authorities’ suitability for the US PP market, say they are more likely to consider lending to borrowers rich in assets. -
A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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GlobalCapital's Silas Brown spoke to Mathieu Chabran, co-founder of European alternative asset manager Tikehau Capital. They discussed how the relatively new private debt market in Europe will navigate its way through the pandemic, who the winners and losers will be in the asset class, and what opportunities may emerge from the dust.
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Helaba has been far more active than other arrangers in the Schuldschein market, launching at least three deals after the pandemic struck European capital markets in March. While others told clients to postpone deals until clarity emerged on price and investor appetite, the Frankfurt-based Landesbank has ploughed ahead.
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US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit.
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Several investors have told GlobalCapital of their concern for the outlook of UK universities as borrowers. They worry that the spread of coronavirus will hit revenues, lower the demand from international students and may in the end hasten a shift towards remote learning.
