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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 Schuldschein market must adapt if it wants to win back its international borrower base. While competing with public bonds on price may be out of reach, the instrument can take a leaf out of the US private placement’s book and introduce deferred funding. -
Dyal Capital, the US private equity firm that specialises in buying minority equity stakes in private equity and hedge fund managers, has employed a financing method — private placements securitized on fund cashflows — rarely seen before in its industry, writes Silas Brown.
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Schuldschein agents have begun offering borrowers delayed draws in a bid to increase the product's value as a funding option. Many investors are wary of the prospect of deferred funding but are also desperate for supply.
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Banks arranging private placements in Europe have started weighing up bringing companies from the financial sector to market, amid a deal drought from the corporate borrowers which are the usual staple fare.
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Online travel agency Hostelworld has signed a five year €30m secured loan facility with HPS Investment Partners, the asset manager headquartered in New York.
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Listed real estate firm CPI Property is repaying a portion of its Schuldschein early at par, taking advantage of favourable legal conditions in Germany regarding early prepayments of floating rate loans. Sources say other companies may use this option if funding conditions remain so attractive in public markets.
