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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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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. -
EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.
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The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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Low cost telecoms group Lebara has delayed its plans for a redemption of its only bond from early July to August, the latest setback in its already long list of communication and disclosure failures.
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Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.
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French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.
