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◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Ferrero International markets €300m deal
Margins widen as lenders weigh up AI disruption to portfolio companies
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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.
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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.
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Scotiabank looks set to enter the US private placement market, after it hired an experienced banker from National Australia Bank.