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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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Investors in search of extra yield are pushing CLO managers to once again add single-B tranches to deal structures, now that the volatile market conditions of 2020 have subsided. -
PGIM has pushed the market to a new tight by resetting a deal with senior notes at 104bp over three month Libor.
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CLO liability spreads are tightening faster than leveraged loans can reprice, boosting the arbitrage available for managers hitting this window and encouraging others to rush into the market where possible.
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Banks arranging private placements in Europe have started weighing up bringing companies from the financial sector to market, amid a deal drought from the corporate borrowers which are the usual staple fare.
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Victoria plc, the UK listed carpet maker, is marketing a new bond with most of the proceeds earmarked for cash on balance sheet, an unusual move in the high yield market, where deals are typically aimed at refinancing or specific corporate actions. The company says it will be on the hunt for acquisition opportunities, funded by the Koch Brothers’ preferred equity injection last year as well as the new debt.
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Tikehau Capital has appointed Christoph Zens from Commerzbank as head of the firm’s CLO business, replacing Debra Anderson who is set to retire in the second quarter of 2021.
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