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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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Subway operator Tianjin Rail Transit Group has raised a €200m Schuldschein loan, becoming the first Chinese company to tap this market. Bankers believe similar deals will follow, given the market’s appeal. -
A private debt banker for Lloyds Securities in New York has left the bank, with one source suggesting he will start covering US private placements (US PP) for another arranger.
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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.
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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.
