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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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Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago. -
Collateralised loan obligations (CLOs) are on trial with regulators and central banks around the world, standing accused of being the financial instrument most likely to cause the next financial crisis. The prosecution, however, needs to look at the the facts.
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Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.
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CLO managers are hoping to avoid a repeat of the ugly end to 2018, with some credit buyers opting to sit on their hands and wait out what is expected to be a period of thin liquidity and shaky sentiment. Despite a spate of nervousness and some late-cycle behaviour, however, underlying metrics in the market still look mostly sound, according to Steve Vaccaro, chief executive of CIFC, one of the largest CLO issuers.
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UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.
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Ford Motor Credit Company mandated banks on Tuesday to lead a new Australian dollar deal, its first since 2016.
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