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Swiss commodities firm has deleveraged thanks to elevated free cash flow
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Leveraged loans in stressed sectors like software carry refinancing risk
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Private debt markets have made inroads into European funding strategies over the past few years, taking transactions from syndicated loan markets, as well as public bonds. The Schuldschein market has been particularly vibrant, racking up €27bn of issuance in 2017 from more than 150 transactions.
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The Schuldschein market has a grand ambition — to make it big in the US. Its reputation is growing internationally but it will not be easy to take on the more established private debt instrument, the US private placement note. Silas Brown asks: just how realistic is the Schuldschein’s American ambition?
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The Schuldschein market has broken into unknown territory, welcoming borrowers and lenders from far-flung lands, while establishing itself as a hotbed for technological advancement. Can the miracle last? Silas Brown reports.
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The Schuldschein market attracts a diverse mix of investors, with different tastes and needs. Amid the push and pull of a burgeoning market, the burning question is whether each of these differing characters will remain content — or whether some may get pushed out, as the market develops and changes shape. Silas Brown reports.
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The Schuldschein market attracted a record number of international issuers last year, and swept aside other forms of European private debt in the process. Now it must confront a bigger beast — a credit-hungry unrated public bond market — while simultaneously absorbing the impact of the European Central Bank winding down its bond purchasing programme. Silas Brown reports.
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The thriving modern private debt market has germinated and grown in a greenhouse — the post-crisis shrivelling of banks and central bank stimulus of debt markets. But already, the banks are coming back. Next, central bank support will disappear — and sooner or later there will be a recession. Will private debt markets cope? Jon Hay reports.
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