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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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Enel and NextEra Energy have, on a pilot basis, become the first companies to obtain one of S&P Global’s new ESG Evaluations. The product, launched last week, takes S&P into direct competition with providers of ESG ratings like MSCI and Sustainalytics — and with Moody’s, which a few days after S&P’s launch acquired Vigeo Eiris, the French-based ESG rating firm. -
In an analysis of CLO managers’ holdings of distressed loans since the financial crisis, a team of analysts at JP Morgan found that Voya and KKR were the top managers for selling loans that later became distressed at the highest spread versus their eventual recovery price.
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S&P Global Ratings has announced that it intends to recalibrate its CLO ratings tools to better account for years of performance data that show the firm’s models predicted more defaults than have occurred across CLO and CDO asset classes.
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Europcar has launched a €450m high yield bond to refinance its 2022s and likely cut coupon costs, as yields have come down for senior unsecured debt amid a dearth of bond supply.
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Nyrstar, the zinc and lead mining and processing firm, has reached a deal with some of its creditors in which Trafigura, the commodities trader that owns a 25% stake, could take the whole firm private following a scheme of arrangement.
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Moody’s has acquired a majority stake in Vigeo Eiris, the environmental, social and governance research and ratings provider, as the credit rating agencies move increasingly into the area of ESG investing. The announcement comes just days after S&P Global launched its new ESG Evaluation product.
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