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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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Schuldschein market participants expect an uninspiring pipeline for the next few months as the hangover of 2017's pre-funding spree is felt in the first half of this year. But traditional arrangers hope the itch to win mandates is satisfied by a search for borrowers from new regions, and not a scurry down the credit spectrum. -
Private placement investors have noted a widening in secondary market spreads for the bonds of UK utilities. That means they may be able to price private placements for these borrowers within their outstanding sterling bond curves, depending on maturity, which has not been easy in the last few years.
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The Schuldschein market's first quarter of the year did not exceed its participants' wildest dreams. German speaking borrowers have maintained a healthy deal flow, but landmark deals from exotic locations have been lacking, leaving arrangers frustrated.
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Tenaga Wind Ventures UK has signed a £120m loan facility arranged by BayernLB, as the UK renewable energy arm of Malaysian utility Tenaga Nasional looks to refinance the debt-powered acquisition of two companies.
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AerCap Holdings, the Dutch aircraft leasing company, found big demand from lenders for its four year revolver, with the size of the facility rising by 46% to $950m during syndication.
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Walt Disney has thrown Rupert Murdoch’s 21st Century Fox a lifeline in its battle to acquire the remaining shares of Sky it does not own by offering to buy Sky News, putting pressure on the £22.1bn debt-backed offer for the whole of Sky from rival bidder Comcast.
