Europe
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Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i. -
Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report.
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Alfa-Bank made a rare appearance in the euro-denominated bond market on Thursday, pricing its first deal in the single currency since June 2014.
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Two French borrowers and one from the Netherlands pulled off successful deals this week, proving that the market is still open for borrowers at the right price, but both investors and issuers remain nervy.
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Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.
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Turkiye Sinai Kalkinma Bankasi (TSKB) brought new flavour to the SRI bond market this week with the first ever sustainable subordinated tier two, but the deal fell short of being a major milestone as many investors who follow green bonds are not able to buy such paper. Virginia Furness reports.
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With less than three weeks to go until the Easter holiday, the IPO market in Europe is looking strong, after several deals were successfully completed last week and others were covered quickly. Despite a stockmarket sell-off in the US on Tuesday, bankers are confident the remaining IPOs will go well, writes Aidan Gregory.
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Volkswagen stormed back into bonds on Thursday for the first time since its emissions test cheating scandal 18 months ago. And the €8bn blowout that paid investors a chunky premium to allay their fears about the company is just the start of the firm’s market rehabilitation, writes Michael Turner.
