Thoma Bravo LLC’s purchase of Anaplan Inc. shows how private credit is on the short list of capital markets little affected by war, inflation and slowing economic growth. 

The private equity firm’s $10.7 billion purchase of a San Francisco-headquartered software company is being financed by Blackstone Credit, Apollo Global Management, Golub Capital and Owl Rock Capital. While Wall Street banks reviewed the deal, Anaplan’s negative cash flow made it a poor candidate for leveraged-loan financing, and other debt markets are reluctant to take on risk when the Federal Reserve is raising rates.

Enter the giants of the expanding $1.12 trillion private credit business, where the pressure to deploy capital has created a hunger for deals. While junk-bond sales recently have been shelved and deals in leveraged loans and other markets have been delayed, a survey of 33 participants in private credit showed that 88 percent say their market is completely open, according to a report by advisory firm Baird.

Thoma Bravo managing partner Holden Spaht says it’s been business as usual for the private equity firm.

“Our space is really attractive,” Spaht said in an interview by phone. There are “a lot of good values to be had, and we have a lot of capital to deploy. We’re really productive in this environment.”

Private credit loans are often done in one big (more than $1 billion) unitranche — a combination of first- and second-lien tranches into a single instrument that offers extra leverage. While riskier than traditional loans, they offer higher yields to investors.

Thoma Bravo said it would finance the majority of the deal with equity. Anaplan reported fourth-quarter revenue of $163 million – a 33 percent year-on-year increase.

The software industry is fertile ground for direct lenders, with Owl Rock in 2021 supplying Calypso Technology with a $2.3 billion loan. Ares Management and Blackstone teamed up on a $2 billion credit facility for Mimecast.


GlaxoSmithKline Plc is looking to raise about $8.75 billion in the U.S. investment-grade bond market as part of a global offering to help fund the spinoff of its consumer-health business, its biggest shake-up in more than two decades.

Novolex Holdings LLC, a packaging products company, is tapping the U.S. leveraged loan market for $2.6 billion to help finance its buyout by Apollo Global Management Inc

Canada started taking orders for its inaugural C$5 billion ($4 billion) green bond amid a renewed global push to reduce dependence on fossil fuels. The December 2029 bonds may yield 2.5 basis points over the Canada bond due June 2029 and be priced as soon as Tuesday, according to people with knowledge of the matter

Traders are betting that 10-year Treasury yields will drop below those on 2-year bonds in three months, a sign that’s widely viewed as potential precursor of a recession.

U.S. junk bonds garnered their biggest weekly gain in more than three months last week after the Federal Reserve soothed concerns about a potential recession


In a promising start to the week, Europe’s primary bond market had a sudden re-emergence of corporate issuers including chemicals firm Akzo Nobel NV, beauty products maker L’Oreal SA and packaged food company Nestle SA.

Volkswagen AG, Skandinaviska Enskilda Banken AB and Vonovia SE are also among Monday’s six issuers, with daily volume set to reach at least 6 billion euros

60 percent of respondents to a weekly Bloomberg News survey expect marketwide sales for the week to top EU25b

Four additional new mandates were added to pipeline.


Asian issuers are returning to the dollar bond market after the Federal Reserve’s interest rate hike last week removed uncertainties, with the Philippines and South Korea’s Hyundai Heavy Industries Co. Ltd. seeking sustainable debt.

KEB Hana Bank is also planning a dollar-denominated sustainability bond with investor calls.
Asia sustainable bond sales, including sustainability-linked debt and those with proceeds earmarked for green and social purposes, reached $14 billion year-to-date

The quarter’s issuance is only about $3 billion short of same three-month period in 2021