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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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Mexican payroll lender Crédito Real brought Latin American high yield corporate issuance back to the European bond markets for the first time in five years last week, in a deal that fed euro buyers’ hunger for new names. -
Zhongliang Holdings Group Co, the Chinese high yield property company, returned to the dollar bond market on Friday, adding $100m to its coffers in a tap of its maiden 2021 bonds, issued only the week before.
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Beijing Hongkun Weiye Real Estate Development Co sold a three non-put two year bond on Friday last week with one of the highest yields Asia has seen this year.
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.
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Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV.
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UBS, Hermes and Federated are hunting investors for two SDG Engagement High Yield Credit funds, which will seek to make meaningful social or environmental impacts, as well as market-beating returns.
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