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Deal said to be largest of its kind in private credit as a once niche industry continues rise to mainstream
More companies considered IG could lead to more financing through private markets
Major private credit investors aspire to more as funding from private debt seeks to go mainstream
After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026
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Alternative asset manager CVC Capital Partners has issued €1.25bn in US private placements, according to market sources. The trade follows similar moves by Bain Capital and Dyal Capital in the past 12 months, but is the first iteration of the trend to be priced in euros. -
Indian company ONGC Videsh has mandated four banks for a $500m fundraising, which is likely to be syndicated next month.
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Atresmedia and Sipartech came to the euro loan market this week, as lenders say there are already signs of borrowers packing up for the summer.
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WH Group has turned to banks for about $1.25bn to fund a share buy-back, as the world’s largest pork company takes advantage of attractive market conditions to raise a new loan. Unlike its acquisition fundraising eight years ago, which received plenty of criticism and pushback from lenders, the market’s response this time around is different — despite some initial confusion, writes Pan Yue.
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Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
