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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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Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.
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Two issuers spotted a window on Thursday for opportunistic high yield issues, as the Crossover index had tightened 9bp on Wednesday and there was a firm tone in other risk assets. Italian construction group Webuild launched a €150m tap of its 2025 note, launched in December, while Balkan telco United Group reopened its 2027s for €100m.
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Santander reckons it can harness the power of hydrogen to boost its standing in corporate and investment banking, building on its ESG credentials in similar way to how rivals built supremacy during the internet boom, writes David Rothnie. -
RBC Capital Markets has reorganised its European equity capital markets and corporate broking business following the decision of Darrell Uden to step down at the end of this month.
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Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.
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Securitization is emerging as the last resort for some US oil and gas companies seeking funding. Banks are deserting the equity and reserve-based lending markets they rely upon. But investors have proved eager to deploy capital in well-structured shale deals that can yield as much as 6%, meaning the ABS market may provide a lifeline for the struggling energy firms, writes Jennifer Kang.
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