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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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Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that covered the deal almost 16 times over. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers. -
Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.
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Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.
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ThyssenKrupp, the German steel and engineering company, has raised €1.5bn in the corporate bond market, despite downward pressure on its credit ratings as it prepares to spin off its capital goods business later this year.
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Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.
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Members of the European Parliament are planning to add a controversial ‘non-sustainable’ category to the Taxonomy of Sustainable Economic Activities proposed last year by the EU Commission. Two Brussels sources have told GlobalCapital the Parliament's vote on the issue, scheduled for Wednesday February 20, has been postponed after heavy pressure from corporate lobbyists.
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