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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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Getty Images launched a refinancing of its capital structure on Thursday, the company’s first capital markets outing since the Getty family regained control of it last September. An investment vehicle controlled by conservative activists the Koch brothers was willing to commit $500m of preferred PIK equity last year, but the refi of the debt stack had to wait for market conditions to improve.
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Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports. -
Macau casino operator Studio City Finance has priced a $600m deal to fund a tender offer, winning plaudits for its precise pricing. But while the company could return to the bond market again this year, overall supply from the sector is expected to be subdued.
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Most bond investors are making minimal effort to lobby companies to improve their performance on climate change, a new report has found. Some feel they haven’t the right to make demands; some leave it to equity colleagues; some do not see it as relevant.
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A handful of new issue CLO deals to debut in 2019 have been structured with shorter non-call and reinvestment periods. While that may reflect a bearish economic outlook in the medium-term, some market watchers chalk it up to the sell-off in the loan market last autumn and bets on the shape of the yield curve.
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S&P expects speculative grade default rates to rise to 2.6% in 2019, from 1.9% at the end of last year, thanks to tightening credit conditions, and slowing economic growth. But new accounting standards could also worsen the credit cycle.
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