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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 debt servicing specialist doValue is refinancing its acquisition of a Eurobank debt platform to position itself as a dominant NPL servicer in Europe, ready for the next generation of defaulted loans.
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Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.
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German real estate firm ADO Properties has sold a €400m five year high yield bond, its first since an audacious merger with competitors Adler Real Estate and Consus.
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Chinese property companies Sunac China Holdings and Ronshine China Holdings came to the dollar market on Wednesday, both with four non-call two year bonds. But a smaller deal size helped Ronshine get away with a tight price.
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Now is not the ideal time to be a port operator. International Container Terminal Services has faced a tough year, as the Covid-19 pandemic and geopolitical turmoil take a toll on global trade. But the Philippine company, which develops and operates container ports and terminals, moved quickly in response to the crisis in early 2020, boosting its liquidity and freezing its capital expenditure. ICTSI followed with two successful dollar bond sales in June and July.
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The number of new managers entering the CLO market has dwindled in 2020 as a result of the pandemic crisis, interrupting years of growth that peaked with an average of 10 new managers a year since 2017.
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