This Week in Private Credit
Week starting 29 Jan - 2 Feb
A roundup of last week's news, discussion and trends in the fast-changing world of Private Credit.
Top News
Bank of England sounds warning on the risk from private credit revaluations (Link)
Brazil's National Monetary Council sets regulations for issuing private debt securities linked to financing in the real estate and agribusiness sectors. (Link)
Pimco prepares for bargains in expected cracks in private credit this year (Link)
Deals
Industrials
Carlyle Group, the global investment company, has secured a $750 million senior-secured debt financing for the largest near-airport parking company in the United States, The Parking Spot (Link)
Three of Japan’s largest banks, MUFG Bank Ltd., Sumitomo Mitsui Banking Corp. and Mizuho Bank Ltd., are to lend $16 billion to Nippon Steel Corp to fund its acquisition of United States Steel Corp (Link).
Technology
Dish Network Corp, the parent company of EchoStar Corp, has rejected a proposal to restructure more than $5 billion of debt (Link)
Rakuten, the Japanese Technology Group, is planning to raise $1B in bonds as they ramp up its refinancing efforts (Link)
Leading Banks, including JP Morgan Chase & Co. and Bank of America Corp, are in talks to provide up to $8 billion in financing for a buyout of DocuSign Inc. (Link)).
Energy
The Biden administration will lend $1.5 billion to the Palisades nuclear power plant in Michigan as a sign of strengthening government support for the atomic industry (Link)
Fundraising
Charlesbank Capital Partners has secured a $1.5 billion private credit fund for its Credit Opportunities Fund III (COF III), exceeding its initial target of $1.25 billion( Link)
BNP Paribas’s asset management unit plans to raise €1 billion ($1.1 billion) for its new direct-lending fund( Link)
Readout
South Korean institutional investors have a strong preference for private debt and infrastructure for the second year running in 2024, according to a survey by The Korea Economic Daily (Link).Â
People
Julius Baer’s CEO departs the wealth management firm due to private credit write-down (Link).
The Indonesia Investment Authority- the country's sovereign wealth fund, has hired Christopher Ganis, BlackRock Inc’s former head of private credit in Indonesia, to grow its presence in the $1.7 trillion direct lending market(Link)
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