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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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For all the dry powder available in private debt markets, Isabel Marant’s high yield debut, priced on Wednesday and a trade squarely in the so-called sweet spot for private credit, showed that public markets still have the edge. -
Central China Real Estate manoeuvred its way around China’s offshore bond issuance regulations on Wednesday by marketing a sub-one year note. The deal made Central China the first mainland property company to sell a bond in the wake of the coronavirus volatility.
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Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.
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VodafoneZiggo has sold a €1.36bn holding company refinancing, seizing the chance to lock in tightly priced subordinated debt for a decade. The company offered euros and dollars in 10 year unsecured format, with five year call protection.
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Apollo Credit Management priced a $2.14bn CLO on Wednesday, pulling together four older transactions and rolling them into a single refinancing.
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Fitch Ratings on Wednesday announced that it has appointed veterans Kevin Kendra and Derek Miller as head of US RMBS and head of US structured credit, respectively.
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