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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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Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January. -
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.
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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.
