Europe
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Private credit is muscling in on investment grade credit. But the acid test will be whether it can compete on price -
Seasonal slowdown sees demand cluster in one to six year vanilla private placements
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Deutsche Bahn’s double notch upgrade hints at a tough time ahead for buyers
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Internationally focussed borrowers could fare better under higher tariff regime
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Hints about quantitative tightening could be the main focus
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Most lenders from 2019 SLL returned for this financing
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◆ Wendel’s decision to refinance bonds early pays off for company ◆ Demand for €500m trade hits €3.1bn ◆ Spread thunders in by 38bp during bookbuilding
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Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative
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Deal is a mix of green private placements, term loans and revolving credit facilities
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Borrower refinancing 2027s to take advantage of lack of competition in bond market
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Activity brewing suggests loan deal making will pick up later this year
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Second tier issuers already eying September for deals
