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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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Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market. -
Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.
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Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading until coronavirus vaccines bring back a semblance of normality to the economy.
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Northumberland Estates, the body that manages the interests of the Duke of Northumberland, has sold £200m worth of private placements to US and UK investors, according to market sources. The borrower joins Blenheim Palace, the Duchy of Cornwall and a long list of esoteric credits to tap the private markets.
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Symon Drake-Brockman, the founder and managing partner of European direct lender Pemberton Asset Management, thinks that the US direct lending market has matured to such an extent that further growth is tricky, whereas Europe still has fruitful opportunities ahead.
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When the Covid-19 crisis hit in the spring, it looked like a golden opportunity for private credit funds. But the window shut as quickly as it opened, preventing the hungry funds from deploying much of their dry powder. But their moment may have finally arrived.
