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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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Genting Hong Kong, a cruise ship operator under financial pressure due to the pandemic, held a meeting on Monday with its bank creditors to discuss a debt restructuring plan. -
Compart Systems, a high precision metal components maker, has returned to the loan market to refinance an old borrowing from 2016, which was used to support its buyout by Platinum Private Equity.
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Kansas-based Palmer Square Capital Management has been one of the most active managers of the year, particularly in the pandemic era, with six CLOs priced in 2020. The firm, which manages $12.3bn in assets as of July 31, has specialized in static CLO issuance, and during the crisis was able to price three static deals in the US, as well as one in Europe. Chairman and CEO Chris Long spoke with GlobalCapital about the future of CLO market, the advantages of static deals in times of crisis and opportunities in Europe.
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Conditions are ripe for a resurgence in high yield bond and leveraged loan issuance, and market participants expect companies to start coming to the market as early as next week, with a variety of motivations.
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Leveraged finance bankers in Asia are counting on the possible delisting of a host of Chinese companies from the US to give a fillip to the region’s dollar loan market this year. But bankers should temper their expectations.
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Future Retail made a $14m payment on its outstanding dollar bond this week, narrowly avoiding a default.
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