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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 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. -
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.
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Regular public bond issuers are finding their access to some private placement products complicated by investors’ nervous interpretations of regulation. But an eager buy-side does exist in other pockets, reports Ross Lancaster.
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With big, powerful rivals including the syndicated loan market, the European private placement or Euro PP market has its work cut out to establish itself as a genuine alternative for companies looking to raise debt. However, its flexibility and growing institutional investor base mean there are plenty of grounds for optimism. Philip Moore reports.
