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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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Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds. -
Suning Appliance Group has added $235m to its coffers with a bond tap, capturing one of the last windows for issuance ahead of the shut-down of Asia’s bond markets for the Chinese New Year holiday.
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Macau casino operator Studio City Finance raised $600m from a deal that was priced right around fair value, funding a tender offer. There could be more bonds from the company in 2019.
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US credit manager CIFC Asset Management has launched an undertakings for collective investment in transferable securities (UCITS) fund in the Republic of Ireland.
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Comexposium, the French exhibitions group, has raised new debt to finance Crédit Agricole Assurances’ purchase of a majority stake from Charterhouse Capital Partners.
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As worries about the leveraged loan market have entered the mainstream, there’s an obvious villain: the booming CLO market, which has expanded, gobbling up whatever the stretched lev loan mart can feed it. But not all heroes wear capes. Despite being a three-letter acronym, these vehicles could be the heroes we need.
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