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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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UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales. -
Toby Croasdell has been appointed global head of MTNs, private placements and commercial paper at Crédit Agricole, following the promotion of previous head Benjamin Lamberg last month.
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The US private placement market rarely gets going until after its main conference in Miami in January, typically restricting deal flow to February. Restrictions on travel mean the event is on ice until September, offering a rare opportunity for early movers. But many in the market still do not see a strong pipeline of deals.
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Fondo Gomma Plastica, Fopen, Pegaso and Previmoda are looking for a direct lender to manage just under €200m of capital, in a push for higher yielding assets.
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No two crises are the same, and to expect financial instruments to behave in the same way in each one would be unfair and naïve. But having proved their mettle in the 2008 crisis, the Schuldschein and USPP markets seemed well placed to thrive in 2020. Not so. Instead, it was the turn of direct lending to shine. Silas Brown reports.
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Cheesemaker Groupe Bel’s landmark US private placement under French law was funded this month. The company has sampled all the major sources of investment grade private capital in the recent past, having issued euro PPs and Schuldscheine before its new US PP.
