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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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Carton manufacturer SIG Combibloc is preparing to refinance its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating. -
Virgin Media is in the market with its third high yield deal in a week, which will clear the way for its merger with O2 by redeeming existing bonds with obstructive covenants in place preventing the telecoms group from reorganising its capital structure. That means a big payday for bondholders in the notes due 2022, who will be paid the make-whole premium for early redemption.
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Marcus John, founder and chief executive of Sports Capital Advisors, tells GlobalCapital to expect a wave of insolvencies in national sport leagues but, he believes, sports with global appeal should fare better after lockdowns ease. Whether TV rights, a key source of revenue for major leagues, will be impacted remains unclear.
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Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.
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Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bonds again on Monday, leaving the issuer with a short window to get the deal wrapped up before the notes mature on June 22.
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A number of new dollar bonds were announced in Asia on Monday, with issuers buoyed by the strong investor support last week in both the primary and secondary markets.
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