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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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Ho Chi Minh City Power has sealed Vietnam’s first syndicated financing in the onshore dong market, with a bevy of Taiwanese and South Korean lenders piling in. -
Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.
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The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.
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Credit Suisse Asset Management increased the size of its latest CLO by over $200m on Thursday, with ICG also pricing a new deal this week to bring year to date volumes in the US to $112bn.
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A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.
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In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.
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