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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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UK small business lender SME Capital could bring one of the first true SME CLO deals in Europe to market, once it builds up a large enough pool of collateral. The lender has just announced a funding deal with structured credit funds Prytania and Scio Capital, which will allow it to expand its lending capacity and build towards a full sized portfolio.
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French optician Afflelou is looking to sell senior secured high yield notes, in order to pay back state loans and refinance outstanding debt. -
Banks backing the successful Allied Universal bid for UK security company G4S are set to split around $100m in financing fees for backing the deal, with Credit Suisse and Morgan Stanley in line for the lion’s share of the profits, as the $6.3bn eight tranche syndication is priced and the firm is delisted.
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Indonesian textile company Sri Rejeki Isman (Sritex) saw its bonds plummet in the secondary market this week, as investors grappled with the company's missed debt payments and a series of ratings downgrades. Morgan Davis reports.
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Philippine property developer SM Prime Holding has returned to the loan market after an absence of five years.
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Covid-era deals looking for cheaper liability stacks are beginning to flood the market with refi and reset transactions, as they hit the end of their one year non-calls. Canyon Capital has reset and increased the size of Canyon CLO 2020-1, cutting 74bp off the margin of a senior tranche originally priced in May 2020.
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