This Week in Private Credit
Happy Sunday, folks. Here’s what we cover this week in the fast-changing world of private credit.
Top News
The private credit secondaries market is growing significantly (Link)
Missed payments on private debt by Chinese local government financing vehicles tip over to their bonds. (Link)
European funds are increasing their investment in private credit (Link)
The private credit industry may be subject to further diligence due to rising bad deals (Link)
Deals
Finance
UK insurer Ardonagh Group in talks with lenders for a $5 billion loan (Link)
ION Markets, a subsidiary of ION Group, a market data and fintech company, pulled a $1.7 billion loan deal due to growing investor concerns about its overall loan (Link)
UBS Group to issue $2 billion Additional Tier 1 bonds after recent $ 1 billion sale (Link)
Telecoms
KKR’s backers of the $10.7 billion acquisition of Telecom Italia’s landline network are looking to syndicate the deal (Link)
Technology
French IT company Atos starts debt talks after planned $777M in equity rights was cancelled (Link)
Apollo Global Management Inc., Blackstone Inc. and other private credit firms are finalising a $2 billion debt package to fund the buyout of software developer Alteryx Inc. by Clearlake Capital and Insight Partners (Link)
Consumer
Dow Inc, a maker of plastics for packaging, has closed its inaugural green bond offering of $1.25 billion to reduce its carbon emissions and plastic waste (Link )
Alimentation Couche-Tard Inc. has secured €10 billion ($10.8 billion) in its first bond deal to finance the Circle K convenience store chain acquisition from TotalEnergies SE (Link)
Real Estate
Mast Capital has raised $600 million in construction loans for its 397-unit Cipriani Residences Miami development (Link)
Fundraising
Fiera Private Debt has raised $350m in the first close of the seventh vintage of its flagship Canadian private credit fund (Link)
PineBridge Investments has received $1.36 billion from interested investors for a private credit fund exceeding a $1 billion target for the pool. (Link)
Fund launch
Australia’s Van Eck Associates have set up a private credit fund for retail investors (Link)
BNP Paribas and Blackstone have launched a new private assets unit-linked focused on private credit (Link)
SLC Management position private credit to Canadian pension funds (Link)
Readout
Investors are expecting increased private credit dealmaking and fundraising activity in 2024 (Link)
The growing importance of private credit (Link)
People
Na Wei gets prompted to Barclays head of leveraged finance ( Link )
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