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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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Market pessimism has deepened after Lebara, the troubled UK-based mobile virtual network operator, failed to release financial results again this week. An offer to pay bondholders a temporary extra spread of up to 700bp is not expected to lift its bond price. -
Investment house Kartesia has provided a unitranche loan for Spanish fertiliser maker Fertiberia to replace part of its debt, as this type of lending becomes more popular in Europe.
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WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.
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Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months.
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Ceva Logistics and Promontoria, a Cerberus issuing vehicle, announced new bonds in the European high yield market this week, with investors appearing more willing to add risk.
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Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.
