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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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Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow. -
Europe’s high yield bond investors have had little to buy this year, which ought to underpin a strong print for the euro bond tranche of Power Solutions, the financing package for Brookfield and CPDQ’s buyout of Johnson Controls’ battery unit.
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
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A €409.79m CLO, Bilbao CLO II, managed by Guggenheim Partners Europe and arranged by Citi, was sold on Monday with the class ‘A-1A’ notes pricing at 114bp. However, market participants note that CLO arbitrage has taken a turn for the worse.
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India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.
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Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.
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