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◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Ferrero International markets €300m deal
Margins widen as lenders weigh up AI disruption to portfolio companies
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Bafin, the German financial regulator, is seriously considering reclassifying Schuldscheine from loans to securities as the market pushes towards digitisation, according to a senior German debt banker. Such a move would have far-reaching consequences on demand for the product, which has allowed the market to blossom over the past two years, writes Silas Brown.
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The US private placement (US PP) market considers itself well placed for the volatility surrounding Britain’s expected departure of the European Union on March 29, and participants expect additional deal flow as a consequence.
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Christoper Jordan has left his position as director of US private placements at Barclays in New York.
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The Loan Market Association on Wednesday published a user guide for Schuldschein deals in a move that market participants said will make the market more approachable to international borrowers while maintaining its culture and standards.
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Northern Gas Networks (NGN), the UK gas distribution company headquartered in Yorkshire, has sold £200m of US private placements notes, pricing at a tighter margin than what it could achieved from a sterling bond, said a US PP market participant.
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Some Schuldschein investors claim a slew of transactions being shown to lenders have reached their desks only because the arrangers are trying to sell on their own exposure to troubled borrowers. But deal arrangers have reacted forcefully, and said such claims are sheer fantasy. Silas Brown reports.