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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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Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year. -
There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.
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Analysts from Bank of America Merrill Lynch said on Monday that they were cutting their forecasts for CLO refinancing volumes by 45% as wider spreads in new issue markets may potentially make refinancing less attractive for callable deals this year.
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Goldman Sachs and BNP Paribas priced a deal for auto parts maker Parts Europe, formerly Autodis, on Thursday, funding the issuer’s November purchase of Oscaro.
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Credit Suisse Asset Management priced its first euro CLO at the end of last week, placing the triple-A bonds at 108bps over three month Euribor as CLO investors remain largely undeterred by regulatory concerns. This week, GSO is expected to price its Crosthwaite Park CLO by Friday, with the manager floating initial price thoughts at the start of the week.
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Greentown China Holdings raised $400m from a perpetual bond sale on the back of an impressive $5.6bn order book, as investors rushed into the deal for its pricing and structure.
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