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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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Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants. -
Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition.
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Law firm Ropes & Gray has hired former Goldman Sachs managing director Carol Van der Vorst as a partner in its leveraged finance team in Europe.
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Lebara, the telecommunications firm, is looking to redeem its €350m bond due 2022 early rather than list it on the Oslo exchange, after it failed to meet a deadline to produce full audited financial results. It seemed to suggest on Monday that unnamed forces were massing against it, but senior high yield bankers warned that the lightly regulated Nordic exchanges had always been likely to invite this sort of drama.
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Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.
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Fintech firm Paysafe was out in the leveraged loan market this week with a chunky $800m extension of the loan deal it sold for its own acquisition in November.
