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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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Citi is preparing a four tranche high yield deal to fund the creation of ‘Trivium’, a new metal packaging company, owned by Ontario Teachers' Pension Plan and formed from a $2.5bn spin-out from Ardagh, combined with its Exal business. -
The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.
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Tobam, the French asset manager, is ensuring its fixed income portfolios have carbon footprints at least 20% smaller than those of their reference benchmarks, extending a policy already in place for equity portfolios. It is focusing on the carbon footprint of issuers, rather than individual issues, meaning that it would ignore the specific environmental qualities of a green bond.
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Nine Dragons Paper has moved a HK$3.9bn ($498m) loan into general syndication, giving a small group of banks two weeks to make a decision on the deal.
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Event-driven hedge fund Sand Grove Capital Management has disclosed a 5% stake in UK car dealer BCA Marketplace, the subject of a takeover offer from TDR Capital. The purchase follows big sales from some of BCA’s cornerstone shareholders who had agreed to support the bid, including embattled Woodford Investment Management, and Invesco.
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Package holiday group Thomas Cook said on Friday that it was discussing a deal with Chinese conglomerate Fosun Group, its largest shareholder, about a capital injection and a debt for equity swap.
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