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Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses
Firm has added to its London team with seventh partner hire this year
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NatWest Markets has started to offer currency swaps on leveraged loans, with its first ‘perfect asset swap’ traded in December. It joins just two other banks regularly offering the product, which is crucial for connecting the sterling leveraged finance market to the deep demand created by euro-based CLO buyers. -
Xavier Clement has joined Barclays’ European credit trading business, working under another former Bank of America Merrill Lynch banker.
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RBC Capital Markets has continued the development of its leveraged finance business by hiring Craig Campbell from HSBC.
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Corporate bond investors in Europe are strapping in for a busy few weeks, though some have redoubled their call for issuers to offer shorter maturity debt.
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India’s Syndicate Bank has closed its $100m borrowing, with the lead bank selling the entire amount to three participants.
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New leveraged loan supply has started strong, despite geopolitical jitters leading to softness in the public markets, and it’s not just play-it-safe refi issues. Cision is marketing dual-currency acquisition debt for Platinum Equity’s takeover of the public relations technology firm, while Global University Systems is prepping a deal of nearly €1bn to fund a dividend. Also in the loan market are Ortho-Clinical Diagnostics and Refinitiv’s euro repricing, while Stena and Ashland have mandated potential bond deals.
