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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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Two Chinese companies tapped dollar bond investors on Monday. One of the most active issuers this year, Zhenro Properties Group, came out with an aggressively priced $300m transaction, while a district-level government financing vehicle sold its debut offshore deal. -
Ronshine China Holdings, a Hong Kong-listed company, has teamed up with a syndicate of banks for a HK$815.5m ($104m) three year loan.
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Market players speaking on a panel on day two of ABS East were sounding the alarm on the possibility that a wave of downgrades could hit CLO collateral over the next three years, testing the market’s ability to withstand an influx of triple-C loans.
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Deutsche Bank managed to syndicate the maximum amount possible of its loan against a UK shopping centre, where one of the largest tenants is troubled department store Debenhams, defying a deep gloom about retail in general and the UK economy ahead of Brexit.
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CLO managers are rushing to reset their deals because they can no longer find enough loans with covenants to buy. European CLOs issued as recently as 2017 require up to 20% of loans to feature maintenance covenants, which are almost never seen in the European market now.
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UK tour operator Thomas Cook’s default could come close to annihilating the bondholders’ positions, leaving them only with a few cents on the euro, the liquidation analysis shows. The 178-year-old company tried feverishly to secure a £1.1bn rescue package over the weekend but collapsed on Monday.
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