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Private debt

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  • While the large US insurance companies remain the bedrock of the US private placement investor base, slim pickings elsewhere in the capital markets are pushing other kinds of investors to look at the product. But with demand for paper already far outweighing supply, market participants do not necessarily see this as a boon. Richard Metcalf reports.
  • The role of the US private placement market in infrastructure project finance has expanded in recent years as investors have become more accommodating, competing with traditional sources of project finance in an effort to place vast amounts of capital amid scarce supply and low rates. Richard Metcalf reports.
  • The Schuldschein market attracts an increasingly international clientele. A host of foreign borrowers has been paying trips to this once clubby German market to enjoy a pleasant cocktail of light documentation, cheap funding and a deep pool of investors — many of which are also international. Silas Brown reports.
  • Foreign investors flocking to the Schuldschein market are drawing in issuers and forcing margins lower. As demand from overseas drives the swelling supply, Silas Brown asks: will the market be able to preserve its traditional strengths as it accommodates new investors?
  • Schuldschein issuance surged to a record high in 2016, as issuers and investors from across the world flocked to a private market with deep pools of investors, flexible formats and straightforward documentation. With the variety of issuers growing all the time, the Schuldschein is fast becoming Europe’s defining private placement product, writes Silas Brown.
  • The attraction for companies of having some private debt that is neither loan nor public bond is now well established — but the market that is reaping much of the deal flow from that trend is the Schuldschein. New investors are flocking to it, and so are issuers, even though bank loans are freely available to many.