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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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The Austrian subsidiary of Steinhoff issued roughly €650m of Schuldscheine in July 2015 — and, as its shares plunged on Wednesday, over 100 Schuldschein lenders were stuck with little ability to sell the debt. With no majority voting allowed in the Schuldschein market, some question whether the product's lean documentation can cope in headier times.
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A flurry of activity in the Australian dollar market this week may be at an end after a lower than expected third quarter Australian GDP print.
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The City of Vienna’s loans are three times subscribed three weeks into the marketing process, as investor appetite grows for longer-dated maturities.
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The European Private Placement Facility (EPPF) has completed its first bond issue, which those involved say is the start of a “revolution” in debt capital markets.
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Amprion, the German electricity transmission firm, has raised €200m with an issue of Schuldscheine and Namensschuldverschreibungen (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.
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Institutional investors are feeling squeezed in the bustling Schuldschein market, as bank lenders are more willing to compromise on financial covenants and pricing margins.