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1H23 Continental Europe Market Update

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Pricoa Private Capital Continental Europe looks back at strong origination in the first half of 2023.

Discussion Points

  • Unsurprisingly, the central conversation topic with borrowers remains the trajectory of rates. With rates higher for longer, certainty of longer-term funding can offer value particularly for longer term investments. EUR coupons relatively flat across longer tenors.
  • Further, the current pricing delta between shorter-term floating and long-term fixed rate debt is low, the latter offering downside protection to future EURIBOR risk in an unpredictable environment.
  • For companies with near term funding requirements, delayed private placement funding of up to 12 months is currently available at very low/no cost as is the framework agreement Pricoa Shelf.

Solid Activity through H1

  • Provided >$920 million of capital across 15 corporate and infrastructure borrowers with a focus on 7-to-20-year maturities.
  • Continued to provide capital across a broad range of sectors and credit qualities including investment grade, below investment grade, and mezzanine financings.
  • We were very active despite the challenging macro environment demonstrating our long-term philosophy.
  • Many companies have sought to achieve a stable and reliable layer of financing through establishing a Pricoa Shelf.

Benefits of the Shelf

The Shelf facility is a flexible option on longer term capital:

  • Speed: Terms and facility documented upfront. Ability to access longer term capital at short notice (e. g. M&A)
  • Flexibility: Company can elect to draw a portion of Notes at the point of close or leave the Shelf undrawn.
  • Tailored: Optionality around currencies, maturity profile, and sizes of the draw(s).
  • Diversification: Funding source beyond bank and public markets.

Sample Shelf Transactions

August 29, 2023

For more information, please contact:

Thomas Krausser headshot
Thomas Krausser
Senior Vice President
Jennifer O’Neill-Mardokh headshot
Jennifer O’Neill-Mardokh
Senior Vice President
Francesco Ascoli headshot
Francesco Ascoli
Senior Vice President
Max Boury headshot
Max Boury
Vice President
Jose Ortiz headshot
Jose Ortiz
Senior Vice President
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