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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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LetterOne, the largest shareholder in troubled Spanish retailer Dia (Distribuidora Internacional de Alimentación), has unveiled a tender for the group’s shares, along with a plan to inject €500m of equity, as an alternative to the existing management plan for the group. The share price bounced on the news, but bondholders need more clarity about LetterOne’s intentions — and about what will happen to the firm’s €1.3bn of trade payables. -
Here Technologies, the Dutch provider of mapping and location services, has signed a €500m credit facility. Some European loans bankers insist they are swamped with deals, even though they have just finished the quietest January for years.
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First Derivatives, a UK technology company, has signed £130m of bank facilities, earmarking some of the funds to refinance an acquisition agreed last summer.
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Capital market sentiment in the UK has weakened as the country awaits the detail of its scheduled departure from the EU, if a couple of indicators published this week are anything to go by. However, even a bad Brexit could be welcomed by corporate financiers.
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Green bond issuance has been in hot demand so far this year with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting their decisions.
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Japanese anchor investor Norinchukin is directing issuers to print new issue euro CLOs within a week, according to market sources, leading to pressure on syndicate desks to place the mezzanine, weaker spreads — and tougher times for equity investors.
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