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Direct lenders take the initiative as banks step back
In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
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Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management. -
Cirsa, a Latin America-focused gambling company owned by Blackstone, raised new PIK toggle debt this week to pay a dividend, thereby derisking its initial investment — by selling bondholders what looks like a top-of-the-market trade. But the company generates plenty of cash, and investors showed up in force, allowing it to boost the size of the bond and associated payout.
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Shares in EQT, the Swedish private equity firm, popped 25% on day one after its IPO was priced on the Nasdaq Stockholm on Tuesday — after what sources called a “targeted” IPO process.
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Tikehau Capital, the French alternative investment manager, has raised €300m after a private capital raising led by Morgan Stanley.
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The size of a radical debt restructuring proposed this week by New Look, the UK fashion retailer fighting for survival, caught some by surprise. But high yield bankers and investors agreed that this event will not shut the market as the Phones 4U debacle did four years ago.
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Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.
