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Issuer could step up pace of deals
German promissory notes come into their own in times of stress
GlobalCapital is pleased to announce the winners of the Syndicated Loan, Leveraged Finance and Private Debt Awards 2025.
Company last issued Schuldscheine in 2019
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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. -
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.
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Efforts to boost the UK’s private placement market are making it easier than ever for borrowers to access non-bank finance. But for some, the UK private placement market should be reaching for greater union with its European counterparts, even as Brexit wrenches Britain and the EU further apart. David Bell reports.
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London sits at the intersection of several private debt markets: the US private placement, Euro PPs, the Schuldschein, Euro medium term notes and direct lending. Each is different, but all exist in the same economic environment, in which banks are eager to lend and pricing in the public bond market is highly attractive to issuers.
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Quantitative easing has made investors’ lives hard, even outside public markets. As spread compression makes its way into private debt markets, even the most experienced buyers are finding it hard to source investments that pay enough yield.
