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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
Sole bookrunner Morgan Stanley gets deal multiple times covered
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After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust. -
Central banks and international financial institutions have raised a storm over vanishing investor protection covenants in leveraged loans. But most warnings about the market have avoided assigning blame where it is richly deserved — to the private equity industry.
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The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.
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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.
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The European high yield market appeared unfazed by the spike in Italian risk despite its heavy exposure, with calm secondary trading and Italian names daring to roadshow for new bonds.
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Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.
