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Jumbo private credit deals in India growing – US$1.6 billion deal arranged by Deutsche Bank with investors including Cerberus, Davidson Kempner and Farallon
Deal split between international and local private credit firms. Potentially offers value as margins compress in “easier” jurisdictions
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$50 billion committed bank financing for PayPal bid – one of the biggest M&A financing commitments ever
Stripe and private equity firm Advent secured $50 billion in committed bank financing for their joint bid for PayPal.
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UK announces 2027 first G7 digital sovereign bond – a benchmark towards global DLT bonds at scale
Issuance of a DLT bond by a G7 sovereign could be a major milestone towards relatively rapid digitisation of bond markets.
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The Iran war is a wildcard – issuers and investors might want to de-risk
It is difficult to predict the outcome of this complex situation. For credit issuers and investors, this outcome is outside their control…
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Aston Martin bondholders including BlackRock, Sculptor and Arini form creditor group to protect against LMEs
The bondholders are reported to have entered a cooperation agreement that binds investors to act together during restructuring negotiations.
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BBVA closes another €2 billion SRT synthetic securitisation – using this tool at scale to free up capital
This is BBVA’s fourth project finance SRT. SRT transactions are growing rapidly in Europe and becoming a highly effective tool for banks…
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Retail private credit funds gate redemptions again – adverse selection risk from selling the best assets first
There is a risk that some funds will sell their best, most liquid assets first, leaving behind a deteriorating credit quality portfolio.…
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Amazon locks in another $25 billion in the AI cash race – bringing its total bond issuance to over $100 billion since the start of last year
Amazon issued bonds totalling $25 billion yesterday. The deal showed weaker investor demand than its previous issue – with investors possibly starting…
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AI credit keeps printing – risks are demand saturation, concentration, and unknown unknowns of a new paradigm
There are questions about concentration and correlation risk. AI-related companies are clearly using the money for something that adds value to the…
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HSBC pulls back from private credit. Reduced back-leverage will change the nature of the private credit industry for LPs, GPs and issuers
Lower back-leverage means lower returns in good markets and lower performance fees. The big implications: i) private credit spreads offered to issuers…
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