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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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Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals. Sources said the UK manufacturer succeeded because it was realistic over the price it would have to pay. -
The high yield bond leg of the rescue package for cruise company Carnival is flying off the shelves in the dollar market, leading the company to increase it from $3bn to $4bn, cut pricing, and drop the planned euro tranche entirely — but the equity capital raising is proving tougher and has been shrunk by $500m.
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Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.
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Equipment rental firm Loxam has signalled that it plans to shore up its liquidity by tapping the French government’s loan guarantee scheme — an option off the table for leveraged companies elsewhere.
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Spain’s El Corte Inglés has signed a €1.311bn short-term revolving credit facility, with the department store returning to the loan market twice in quick succession to make sure it has the cash to ride out the next year.
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Indian debt issuers are starting to feel the impact of the Covid-19 pandemic, which has forced a country-wide lockdown for three weeks. With dollar bonds slumping in the secondary market and downgrades coming fast, the outlook for borrowers is bleak.
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