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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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Intermediate Capital Group, the UK alternative asset manager, has hired Philippe Arbour from Palamon Capital Partner to help further develop its Senior Debt Partners strategy. -
MJX Asset Management has opened up the US CLO market for the new year, with an actively managed deal with five year reinvestment period, the norm for the pre-Covid period. This paves the way for a flurry of CLOs that are expected to pop up in the coming four weeks, sources said.
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Reset and refinancing activity is returning to the European CLO market, after a year of virtual absence, as spreads tightened further in the first week of 2021, especially at the bottom of the capital structure. Partners Group is in the market with a reset of Penta 5, aiming for a sub-100bp print at the top of the capital structure.
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Specialist private lender Kartesia has appointed a full time head of corporate social responsibility and environmental, social and governance issues.
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It’s been almost a year since a Dutch tax ruling sent CLO managers scurrying to Ireland to avoid a VAT charge. But with the changes coming into action in 2021, some CLO managers are leaving their vehicles in the Netherlands and taking their chances on a ruling from the supreme court.
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Autostrade per l’Italia, the Italian motorway group, is marketing a nine year unsecured bond through Morgan Stanley, capitalising on the strong demand demonstrated by TIM’s eight year issue on Monday, which came through fair value on a €3.9bn book.
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