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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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Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year. -
Kartesia, the European direct lender based in London, has provided unitranche funding to Latvian glass coatings company GroGlass. As larger direct lenders are not active in the region, Kartesia and other smaller institutions see an opportunity in their absence.
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With the deal flow in the Schuldschein market turning to more of a deal drip, participants are taking the spare time to clean up the shop floor.
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Infrastructure debt is a favoured corner of the capital markets for policymakers and investors alike. But nowhere is immune from plentiful liquidity in fixed income, and yields have been squeezed. Investors are getting paid less and less for the illiquidity and complexity of the asset class — so they have had to go looking further afield. Owen Sanderson reports.
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New investors are pouring into direct lending and they are scrapping for bigger ticket sizes. Competition has grown quickly, allowing deals of increased complexity and variety to get done. But with everyone chasing the same deals, some have opted to compromise on credit quality. Can the industry weather a change in the credit cycle when it inevitably arrives? Nell Mackenzie reports.
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Europe, unlike the US, has a market for unrated public bonds. This has been one reason why Europe’s private placement market has not grown as large as that in the US. In good times issuers find it a valid alternative to getting a rating, however, as tougher conditions return, the pendulum may be swinging the other way. Nigel Owen reports.
