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Record fundraising in 2025 has left private lenders fighting for deals
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UK ticket printing company Paragon Group returned to the euro private placement (PP) market on Monday, becoming the first non-French issuer to raise Euro PP notes this year. -
North American private placement (PP) lenders are being routinely chosen over UK investors by borrowers in sterling, as a consequence of increasing advantages won through cross currency swaps, US PP participants have said.
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Euro PP market players are growing confident that widening spreads and growing volatility in the unrated and high yield public bond markets will drive an increase in the average deal size in their market in the coming six months.
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Schuldschein market participants expect an uninspiring pipeline for the next few months as the hangover of 2017's pre-funding spree is felt in the first half of this year. But traditional arrangers hope the itch to win mandates is satisfied by a search for borrowers from new regions, and not a scurry down the credit spectrum.
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Private placement investors have noted a widening in secondary market spreads for the bonds of UK utilities. That means they may be able to price private placements for these borrowers within their outstanding sterling bond curves, depending on maturity, which has not been easy in the last few years.
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The Schuldschein market's first quarter of the year did not exceed its participants' wildest dreams. German speaking borrowers have maintained a healthy deal flow, but landmark deals from exotic locations have been lacking, leaving arrangers frustrated.
