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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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McDonald’s has returned to the MTN market after a year-long hiatus, raising €500m with a two year floater via Goldman Sachs. -
Unitranche funds are hauling in money, even though lending spreads have come down a long way. At a time of exceptional conditions for borrowers in the syndicated leveraged loan market, unitranche lenders are still finding deals to do. Speed is in their favour — and wider market volatility this year may also play into their hands. Max Bower reports.
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Corporate medium term note issuance has been dwindling, as borrowers have been sucked away by more attractive sources of financing. But MTNs still have their own appeal, providing financing in tenors and currencies not easily accessible through other means. Lewis McLellan reports.
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The private debt markets may well be regarded as the final frontier for technology’s appropriation of the world of capital flows. After all, how can such a bespoke sector — reliant on face-to-face communication to tweak and nuance deals to suit issuer and investor — ever be run by machines? But after scratching below the surface, Craig McGlashan finds several areas where the robots may well be taking over.
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Specialist advisers are playing an increasingly important role in debt markets, especially the private markets. They add another layer between creditor and borrower, but issuers believe they more than pay their way, intermediating an illiquid and opaque market and making sure borrowers, some of them in the market for the first time, can achieve their goals. Debt advisers can be two ex-bankers and a telephone, or may be housed in some of the largest and grandest professional services firms on the planet. What’s the future of the industry? Owen Sanderson finds out.
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The US private placement market is famous for its stability and consistency. But beneath the surface, much is changing. Last year issuance hit a record of $65bn, even though deal flow from continental Europe ebbed.
