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Global investors are turning to European private credit
Record fundraising in 2025 has left private lenders fighting for deals
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Health and Happiness International Holdings, a China-based supplier of paediatric nutritional and baby care products, has returned to the loan market for a multi-tranche transaction. -
The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.
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Chailease International Finance Corp has closed its third offshore loan of the year, finding demand from 17 lenders for a $300m facility.
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Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.
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A brutal market for auto suppliers and a string of dividend deals have left Lumileds, a maker of LED lighting and an Apollo portfolio company, staring at a leverage level which could top 14 times by year-end, according to Moody’s. The company’s loan saw the largest price fall in Europe over the last quarter, according to IHS Markit, and is now bid around 47, compared with 70 in June.
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Leveraged credit investors are keen to put cash to work this week, and arrangers see a plausible window to execute deals. Opportunistic and strategic financings are both on offer. UK issuers are well represented, nipping through a window before political uncertainty grips the market over the Brexit deadline at the end of the month.
