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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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Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant. -
German borrowers ProSiebenSat and RKW and Austria's Montana Tech Components are in the market for €430m of Schuldscheine collectively.
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The UK’s Financial Conduct Authority will look over some banks’ shoulders to make sure they are allocating IPOs fairly and is trying to get league table providers to reduce incentives for banks to engage in ‘league table trades’ in the MTN and equity block trades markets.
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MTN issuers and dealers have been dismissive this week of plans by the Financial Conduct Authority to prevent banks gaining league table credit from loss-making trades.
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Two french firms, digital services specialist Econocom Group and research company Ipsos, have both launched Schuldscheine this week with initial sizes of €125m that can be increased.
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Loans and Schuldscheine have always sat side by side. With a similar lender base and documentation, the two seem almost interchangeable. This year banks have been capitalising on that similarity and driving issuance to new heights, but they should not get carried away — restructuring a Schuldschein is a lot more painful than with a loan.
