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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
A Swiss borrower has already closed books and Austria's Egger will soon
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In one of the first pieces of public research on the nascent direct lending asset class in Europe, a report from Oxford University’s Saïd Business School has found that it could grow assets under management by as much as 50% in the medium term, owing to banks retreating from the mid-market and investors looking for higher yields from credit. -
The secondary Schuldschein market, typically something of a backwater, has become a torrent of activity and is now busier than the product’s primary market, according to several sources, as banks rush to buy assets ahead of an ECB deadline for cheap funding on March 31. However, there are fewer banks deleveraging from their risk-weighted assets, and many more buyers than sellers.
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German semi-conductor company Infineon Technologies has launched a US private placement, according to market sources.
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King’s College London has launched a private placement debt deal, according to market sources: the first UK university transaction for more than a year.
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LondonMetric, the UK real estate investment trust, is marketing a private placement deal, according to market sources.
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The City of London Investment Trust, the UK listed equity investor, has sold £30m of 25-year private placements.
