Blog
Perspectives from the desk
Analyses, market notes and press updates published by CGPH Banque d’affaires.
Market InsightsReal Estate Finance: Designing Capital Around the Asset
From bank lending and private debt to club deals and securitisation, Federico Lione examines why the capital structure must be designed alongside the real estate asset.
Federico LioneRead
Market InsightsThe Digital Euro Is Becoming a Test of Europe’s Payment Sovereignty
The digital euro is often presented as a technology project. Its real significance is broader: Europe is testing whether public money can remain usable in an economy where everyday payments are increasingly digital, while improving resilience, preserving privacy and avoiding dependence on a small number of non-European payment providers.
Matteo PedraliRead
M&A AdvisoryA $5.66 Billion Acquisition Still Needs an Operating Thesis: Reading Salesforce–Braze Beyond Product Fit
Salesforce's agreement to acquire Braze has an intuitive strategic logic: combine a broad customer platform with real-time engagement capabilities. But product complementarity is only the opening hypothesis. The value of the transaction will depend on a more demanding question—how the two companies turn that fit into an operating model customers, product teams and shareholders can actually observe.
CGPH Banque d’affairesRead
Private MarketsPrivate Credit in 2026: From Growth Story to Credit Selection
Private credit has grown into a USD 4.1 trillion market. Its next phase will be defined less by fundraising volume than by credit selection, structural protection and the ability to distinguish temporary pressure from impaired fundamentals.
Lorenzo De SarioRead
Growth Capital & FundraisingStrong Results Can Still Be Misread: What Investors Need From Financial Communication
A business can have attractive economics, a credible strategy and a capable management team—and still be difficult for investors to understand. Financial communication closes that gap only when it connects performance, cash, risk and capital needs in one coherent account.
Francesca MalerbaRead
Debt & Capital MarketsLiquidity Can Tighten Before Policy Does: Reading the IMF’s 2026 Market-Stability Signals
A lower policy rate does not automatically create a reliable financing window. When sovereign-market liquidity depends increasingly on leveraged intermediaries and short-term funding, repo terms, margin calls and balance-sheet capacity can tighten before the policy story changes. For corporate borrowers, the practical question is not only where rates may go, but whether markets can absorb risk when capital is needed.
CGPH Banque d’affairesRead
Real EstateA Real-Estate Asset Is Not Financeable If Its Insurance Strategy Ends at Renewal
A renewed policy confirms that cover was placed for another period. It does not prove that the asset will remain insurable on acceptable terms, meet future lender requirements or preserve tenant continuity and exit liquidity. Durable financeability requires a multi-year link between physical risk, insurance structure, capital expenditure and debt.
CGPH Banque d’affairesRead
Growth CapitalA Bridge Round Should Buy the Next Decision, Not Delay the Same Question
A bridge round is not successful because it adds six or nine months of runway. It is successful when those months produce evidence that changes the company’s next financing, strategic or operating choice. Without that evidence, the bridge may simply finance another round of the same uncertainty.
CGPH Banque d’affairesRead
Debt & Capital MarketsPIK Interest Is Not Liquidity. It Is a Transfer of Pressure Into the Exit Value
Payment-in-kind interest can preserve cash when a company needs it most. But the unpaid coupon does not disappear: it becomes a larger claim on the value that must remain at refinancing, a sale or maturity. The right test is not whether PIK creates runway. It is whether the business can outrun the accretion.
CGPH Banque d’affairesRead- Company news
CGPH appoints Andrea Gioia Lomoro and Domenico Carraturo as Co-Heads of Real Estate Advisory
Andrea Gioia Lomoro and Domenico Carraturo will jointly lead CGPH Banque d'affaires' Real Estate Advisory practice.
CGPH Banque d’affairesRead 
M&A AdvisoryA 68% Premium Does Not Remove Execution Risk: Reading the Berentzen–Sazerac Announcement
Sazerac’s announced EUR 5.55 cash offer for Berentzen carries an approximately 68% premium to the cited unaffected three-month XETRA average. That is the most visible number in the transaction. It is not yet the whole decision package. The offer document, detailed conditions and the boards’ joint reasoned statement remain to be published.
CGPH Banque d’affairesRead
Corporate StrategyEurope Does Not Lack Savings. It Lacks a Low-Friction Route From Savings to Scale-Up Capital
Europe’s funding debate often starts with the size of household savings and ends with the financing needs of innovative companies. The distance between those two figures is not a rounding error. It is a chain of mandates, vehicles, market infrastructure, cross-border rules, investor confidence and company-level financeability.
CGPH Banque d’affairesRead