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As funds swell, pressure to deploy rises and managers can stray from their expertise
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
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Europe's high grade corporate bond investors are welcoming the break in issuance expected in the second half this week, after a flurry of trades across the size and maturity spectrum on Monday and Tuesday made some sizeable demands on their credit lines so late in the year.
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Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday. -
Wells Fargo analysts are predicting a decline of up to 20% in US CLO issuance in 2020, as demand for floating rate products wanes and new issue arbitrage poses a challenge for managers.
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Beauty-focused e-commerce company The Hut Group (THG) is building up its war chest with a £510m-equivalent Term Loan B issue. The fully underwritten issue will test the investors’ interest in the sprawling, privately-held company with ambitions in both online stores and tech services, with risky side trips to real estate.
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Permira Debt Manager’s Credit Solutions II fund, a direct lending fund raised in 2015, underlined the risk of concentration in private debt funds, thanks to a sharp downgrade of the fund’s largest exposure, making up 17% of its assets.
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Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.
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