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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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Powerlong Real Estate Holdings received huge support from investors for its $200m bond on Monday. The deal’s modest size and expectations of limited imminent supply from Chinese property credits helped the firm get away with a negative new issue premium of about 10bp. -
Chinese property developer KWG Group Holdings returned to the bond market on Monday, taking $200m at a level that was inside of fair value estimates from analysts.
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Ducenta Squared Asset Management recently obtained the management contract for a CLO managed by Tortoise Credit Strategies, a firm that Ducenta acquired in April, according to a source familiar with the purchase.
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The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.
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Citi has hired Florent Chagnard from Credit Suisse to head European CLO syndication in the firm’s London office, according to sources familiar with the situation.
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Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.
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