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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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Troubled Chinese commodities trader Tewoo Group has revealed its plan to exchange or purchase for cash $1.25bn of outstanding offshore bonds, just days after getting funds from Industrial and Commercial Bank of China (ICBC) to make an imminent coupon payment. -
The European Parliament is challenging EU member states over the governance of its planned Taxonomy of Sustainable Economic Activities. At stake is who gets to decide what goes into it. The issue is one of several still to be thrashed out before the Taxonomy can become law.
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Dutch manager NIBC has printed a new European CLO, North Westerly VI, which raises the bar for ESG standards in the leveraged credit market, with an absolute ban on companies involved in a variety of problematic industries — irrespective of the proportion of their earnings that comes from the activity in question. It has also committed to ESG scoring through the trustee reports, so buyers of the CLO debt can monitor the portfolio’s ethics down the road.
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Shandong Ruyi Technology Group Co and Shandong Yuhuang Chemical Co saw their respective dollar bonds plummet in the secondary market, as concerns rose on their debt repayment abilities.
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Yuzhou Properties Co became the latest Chinese borrower to wrap up its offshore issuance quota for the year after selling a $500m bond on Thursday.
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Anton Oilfield Services Group returned to the the dollar market on Thursday after a two-year break. The company's story has changed since its last bond sale, and investors were ready to embrace the improved credit.
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