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Record fundraising in 2025 has left private lenders fighting for deals
Long seen as adversaries, banks and private credit lenders are getting used to working together
Fahy will also lead asset-based finance origination
Direct lending default rates tick higher amid notable distressed situations
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Wabco Europe BVBA, an industrial equipment supplier with headquarters in Brussels, has launched a €200m inaugural Schuldschein. The deal is guaranteed by Wabco Holdings, a company listed on the New York Stock Exchange.
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Real estate investment trust (Reit) issuance is rising in private debt markets, as spreads compress and borrowers look to lock in long term debt before expected interest rate rises.
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Deutsche Bank plans to put up to 40 bankers at director level and above in its EMEA investment banking division at risk of redundancy, including the bank's co-head of FIG DCM, GlobalCapital understands. Several of those put at risk were based in Birmingham, including the bank’s head of Europe-US private placements.
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There is a hiatus in the Schuldschein new issue market, as the slew of transactions launched in January are weighed up and processed before settlement dates. Amid the calm, Schuldschein bankers are beginning to question whether the unrated bond market is a threat.
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US private placement specialists are hoping the market will this year beat 2017’s record of 14 deals larger than $750m. They are playing up the ‘bells and whistles’ of the market – delayed draws, multiple currencies and varied tenors – to entice borrowers away from other funding sources.
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US private placement issuers are regularly selecting more than one agent to arrange a transaction, forcing fees down and arranging standards to slip, according to two agents.