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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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Philippine company SMC Global Power Holdings Corp added $350m to its coffers from a bond tap on Monday, taking advantage of market stability to return to investors rapidly. -
VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has exercised the greenshoe option to increase the size of its loan to $170m.
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Hong Kong’s personal loan provider, United Asia Finance, has returned to the market for its annual borrowing. It is seeking a HK$1.2bn ($154.8m) facility.
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Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.
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CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.
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Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.
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