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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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In just three days this week, Carillion, the UK construction and support services group, lost 70% of its value, prompting fears of a debt-to-equity swap. This anguish comes only five months after Carillion raised €112m in the Schuldschein market, which is unused to defaults, write Silas Brown and Jon Hay. -
Carillion’s share price fell roughly 40% after bleak profit warnings on Monday, and another 33% on Tuesday. The UK outsourcing and construction company's tumble comes only five months after it successfully issued a €112m — confirming for some that the market has become too open to unsuitable borrowers.
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The busiest first half to a year in the Schuldschein market’s history is over. Nearly 70 issuers — originating from Russia to the US — have managed to launch transactions so far. But, some traditional German lenders are begging for a return to the market’s more usual sedate pace, to allow more time for vital credit work. Silas Brown reports.
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The appetite of Schuldschein investors seems insatiable. Coming off the largest and busiest second quarter in the Schuldschein market's history, two non-German inaugural borrowers nearly doubled their funding targets on Tuesday.
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Daimler and Landesbank Baden-Württemberg launched on Wednesday the first Schuldschein issue to be sold using blockchain technology.
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Swiss life sciences firm Lonza launched a €300m debut Schuldschein on Monday, offering dollar and euro tranches to attract, among others, Singaporean, Malaysian and other Asian lenders looking to lend dollars.
