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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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Carpet and tile company Victoria returned to the bond market for its second outing in a month, raising another €250m of debt in a drive-by. Unlike its February issue, however, the new cash will mostly be used to push out its maturities, being earmarked to pay down its 2024s at a punchy make-whole spread of 50bp over Bunds. -
China’s Guangdong Lingyi iTech Manufacturing Co, a company focused on making magnetic materials, electric motors and electric wires for automobiles, computers and mobile phones, has hit the market for a $150m loan.
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The strong CLO volumes, both new issue and repricings of existing deals, has started to weigh on spreads, softening pricing across mezzanine tranches over the last 10 days, signaling that demand is started to be overwhelmed by the heavy supply.
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Lone Star is refinancing and pricing the debt incurred for its buyout of BASF Construction Chemicals, one of the bridges hung during the first peak of the Covid crisis a year ago. The original deal required creativity to cross the line, plus a hefty private placement with GSO. Now, however, it looks set to slice up to 100bp off the euro margin, and more from the GSO deal.
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Short sellers get a lot of stick, whether it is Elon Musk taunting them, an army of Redditors squeezing them or the corporations they target otherwise harassing, suing and investigating them. But they play a vital part in capital markets, as underlined by the Greensill affair — where the finance firm’s private status meant that for too long it could hide from the accountability that short sellers can help deliver.
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Real estate developer China Aoyuan Group has closed a $225m-equivalent dual currency loan with nine banks in the syndicate.
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