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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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As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process. -
Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.
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US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.
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Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.
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Pension Insurance Corporation (PIC) published a report on Thursday making the case for institutional investment into UK social housing. The sector has come under pressure from falls in government funding and the increasing costs of developing new homes. Capital from the insurance sector could provide a valve, PIC claims.
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It is with much sadness that GlobalCapital reports the death of David Pepper, Bank of America’s head of loan capital markets for Europe, the Middle East and Africa.
