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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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Alteri Investors, backed by Apollo Global Management, is launching a second investment vehicle focused on the European retail sector, as it sees opportunities to invest in that troubled industry. -
VC Trade, one of the leading digital platforms in the Schuldschein market, has introduced an e-signature into its syndication process, which its founders claim renders the syndication process totally paperless. An impediment to paperless transactions has been market participants’ fear of regulatory and legal consequences — but VC Trade believes it has managed to navigate a way over these hurdles.
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Asset manager Pemberton has raised €3.2bn for a direct lending fund focusing on Europe’s mid-market. This is a few months after it raised €1bn for another European direct lending platform, Strategic Credit Opportunities Strategy (SCOS), which has higher expectations on returns.
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Agents active in private debt markets in the UK are growing increasingly frustrated by a crop of advisory firms muscling in on their market share, often arranging deals without the need an investment bank. Some bankers allege that advisory firms don’t have the capacity to price deals effectively, and also that some do not have appropriate regulatory cover from the US regulators to pitch investors there legally.
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One Housing, a UK housing association focused on London and southeast England, has sold £150m of secured and unsecured US private placement notes to institutional investors.
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Aperam, the steel producer headquartered in Luxembourg, has entered the Schuldschein market, on the hunt for at least €100m.
