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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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Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper. -
Scotiabank looks set to enter the US private placement market, after it hired an experienced banker from National Australia Bank.
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Telefonica Deutschland has been forced to issue a second round of price guidance on its €150m Schuldschein issue after launching it in early January, after investors' demand was cooler than expected.
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Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.
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The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.
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The Loan Market Association is consulting with US private placement investors about creating European PP documentation that is more similar to what they are used to — in the hope that the lenders will be more drawn to European companies as a consequence.
