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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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Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance. -
Medical diagnostics firm Unilabs launched a benchmark size extension of its loan debt on Monday, as a range of investors clamour for paper despite issuance volumes running ahead of last year’s record pace.
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Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.
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Telecoms firm Lebara this week pushed back a deadline to avoid breaching reporting covenants of its only bond, a high yield note under Norwegian law, leaving some market participants worried about contagion.
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Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.
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Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.
