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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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After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday. -
Senvion, the wind turbine manufacturer, has placed itself in administration, an arrangement it hopes will enable it to keep trading while it negotiates with bondholders and other creditors ahead of a full debt restructuring.
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Highly structured bonds backed by loans to airlines in which Abu Dhabi state airline Etihad holds a stake suffered another blow on Monday, as Jet Airways became the third obligation backing the bonds to default. Debt to Alitalia and Air Berlin, also affiliates of Etihad, already defaulted in 2017 and 2018, respectively.
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Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.
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Hong Kong’s Citychamp Watch & Jewellery Group has launched a debut offshore borrowing with a $150m three year facility.
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US asset manager LibreMax is teaming up with investment management firm TowerBrook to form a fund that will invest in equity tranches of deals issued by LibreMax’s CLO platform Trimaran, a firm it acquired in December 2018.
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