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IFR Private Placements Roundtable 2015

Private placements have received a lot of attention in Europe in the past year to 18 months. They have been captured fully by the Capital Markets Union debate in Europe as a potentially new funding alternative to bank lending for the benefit of SMEs.

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IFR Private Placements Roundtable 2015: Participants

Ash Shah Barclays Akshay Shah is a managing director in Barclays’ private placement group based in London, responsible for the origination, structuring and distribution of private placements with a particular focus on UK, German and Southern European credits. Shah joined Barclays in 1998. Prior to joining the private placement team in 2002, he spent five years in the investment banking division focusing on the telecoms and technology and oil and gas sectors. Before joining Barclays, Shah worked at Merrill Lynch. Richard Waddington Commerzbank...

IFR Private Placements Roundtable 2015: Part 1

IFR: Welcome to IFR’s inaugural private placement roundtable. Private placements have received a lot of attention of late: from the perspective of moves towards Capital Markets Union in Europe; and as a result both of market conditions brought about by monetary stimulus and liquidity conditions brought about by regulation. I wanted to kick off with a very general question. When we say private placements, what are we actually talking about? Bearing in mind we have US private placements, Euro PP, Schuldschein, German and UK private placements;...

IFR Private Placements Roundtable 2015: Part 2

IFR: Alain, if the Euro PP market grew out of investment banks’ placement strategies at an odd time in the market; if market conditions change, does that take away a driver for Euro PP or have you opened the box now? Alain Gallois, Natixis: We’re entering a phase where we’re moving towards standardisation. With more standardisation, you will attract more investors to come on board and you will start creating a virtuous circle where more investors understand the credits which by extension creates demand for small-cap, mid-cap credit. We are...

IFR Private Placements Roundtable 2015: Part 3

IFR: Alain, the Euro PP Steering Committee is driven by marketing on one level which has already been mentioned. Was there an element of competition with the Pan European group? Alain Gallois, Natixis: In one sense, yes, but at the end of the day, not really. Even if there is slight competition between countries, the ultimate goal is to try to find the best framework for this market to build on. All the efforts which have been made are definitely going in the right direction in order to build the foundations of this common market. IFR: Beyond...