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Deal said to be largest of its kind in private credit as a once niche industry continues rise to mainstream
More companies considered IG could lead to more financing through private markets
◆ Wendel proves the summer market isn't just for the big boys ◆ Trio of new issues show buoyant market for banks ◆ Private credit's threat to the investment grade bond and loan markets
Major private credit investors aspire to more as funding from private debt seeks to go mainstream
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Puma, the sportswear maker, has sold €250m in a Schuldscheine tied to its sustainability performance. Small investor allocations imply that the deal was heavily oversubscribed. -
French energy firm Albioma has sold €100m of Euro PPs, with the interest on the debt tied to its share of renewable energy in its overall production.
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Sister affiliate alternative asset managers Candriam and New York Life Alternatives have bought a minority stake in European private credit firm Kartesia. The strategic partnership will bolster Kartesia’s financial position and keep the firm competitive as direct lenders in Europe increase their firepower.
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North Star Housing, a housing association in the northeast of England, has sold £80m of 40 year debt to Pension Insurance Corp, as housing associations prove the saving grace of an otherwise muted year for private placements.
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The UK wing of the US private placement market has shed over a third of its year-on-year volume, as the private debt instrument has struggled to stay competitive with bank loans and the sterling bond market. Agents argue that illiquidity premiums must drop for the market to regain its appeal.
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CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.
