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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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Debt holders of two insolvent UK speculative grade borrowers, fashion retailer New Look and restaurant chain Prezzo, are considering company voluntary arrangements (CVAs) to allow new property agreements. The result may offer the whole European retail sector a template to stave off what market experts a say risks being a spate of defaults. Victor Jimenez reports. -
A debut trade from Stark Group, the Nordic building materials supplier, gave high yield investors their first chance to invest in single-B rated bonds in about a month. The deal announcement arrived while market participants were still assessing the victory of Eurosceptic parties in the weekend's general election in Italy.
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On Friday, Unilever Spreads released guidance for its €4.6bn equivalent loan to fund its acquisition by KKR. French telecoms infrastructure group Circet also launched a smaller deal, a €570m loan package for its buyout by Advent. But investor demand isn't satisfied yet, say some market participants.
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Euro high yield bond buyers have been offered €3.5bn of double-B rated new deals since borrowers returned after the mid-February break caused by volatility in US equity markets. But lower rated paper is on its way.
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Assystem Technologies, a French engineering specialist owned by Ardian, is launching an add-on to its term loans to fund its purchase of German peer SQS Software Quality Systems, as merger and acquisition deals gain share in the leveraged loan market.
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Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.
