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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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Bigger is not always better. Just ask Huarong Asset Management, which appointed 30 banks to manage a deal that caused headaches for bankers and investors alike.
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Agile Group Holdings raised $600m from its latest perpetual bond sale on Monday. But the execution of the transaction came under fire from bankers away from the deal, and those on the trade admitted that things did not go as planned. -
DNB Markets has issued Norske Skog’s comeback bond, printing a €125m floater at 600bp over Euribor to fund repayment of shareholder loans from Oceanwood Capital Management, the fund which bought the firm out of its insolvency in late 2017. It also plans to take out a securitization facility lent by Oceanwood.
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European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.
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Delhi International Airport (Dial) offered investors a rare 10 year high yield bond on Tuesday, securing the company $350m from a more than six times subscribed order book.
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With the credit cycle in its late stages, issuers have been looking for vehicles well suited to holding lower-rated collateral, giving rise to higher triple-C limits in some broadly syndicated loan (BSL) CLOs. However, a recent Moody’s reports highlights how those higher allowances may not materially increase risks given other deal features that protect investors.
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