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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Diameter Capital Partners has priced its debut CLO after $250m seed funding from alternative asset managers Apollo Global Management and Corbin Capital, and the pension fund of renewable energy company Babcock & Wilcox. Despite being active in the bond-loan deals, this is the first traditional CLO priced by Diameter, making the firm a new entrance in the regular broadly syndicated loan CLO market. -
In a report on the state of UK private credit, Pemberton predicts further concentration in direct lending, as borrowers opt for established players over upstart funds.
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Natasha Harrison, the heir apparent to fabled law firm Boies Schiller Flexner, told GlobalCapital that while she was not expecting a collapse in corporate credit coming out of the coronavirus, there will be big opportunities for sophisticated distressed debt investors.
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After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.
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Hurricane Energy’s restructuring plan has been thrown out by the High Court, in a victory for shareholders led by activist fund Crystal Amber, which are now poised to replace the board of the troubled oil drilling firm. The judgement underlines the care with which companies must exercise when seeking to use the new ‘cross-class cramdown’ features of the UK’s restructuring law.
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BNP Paribas has retained its place at the top of the EMEA loan league table for the first half of 2021, but its market share is much smaller than for the same period last year.
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