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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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The investment grade European corporate bond market is wide open this week, with a swathe of jumbo new issues in euros. Boosted by a relative lack of supply in recent weeks, issuers are achieving good terms, particularly on longer dated issues, with Siemens issuing the first 20 year bond of the year so far. But the sterling market is quiet as investors wait for clarity on what form the UK’s exit from the European Union in March will take.
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Home Credit Vietnam has launched an up to $60m loan into general syndication after two year absence. -
Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds.
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Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.
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Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.
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Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders.
