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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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Banks have started marketing the sterling loan to fund the acquisition of a stake in Westbury Street Holdings, the parent company of Searcy’s champagne bars and Benugo coffee bars, with a £363m seven year term loan and a £91m eight year second lien on offer.
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A €360.25m CLO from BlueMountain Capital, BlueMountain Fuji Eur CLO IV, was priced on Monday with the senior notes coming in at 108bps over three month Euribor, continuing the run at that level for all new CLOs to be sold so far this year.
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Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.
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India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.
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The harmful climatic effects of biofuels, which policymakers have long promoted as a solution to climate change, are increasingly being pointed out, although the financial industry remains largely unaware of them. A report by ShareAction has highlighted the risks investors and banks are running by financing the burning of wood as a fuel.
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Asia’s debt markets, which were shut for the Chinese New Year holiday this week, are back to a wait and see mode following delays in trade talks between the US and the Mainland.
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