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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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The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal. -
Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
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Some traditional investors in European high yield bonds are showing growing interest in lower rated paper. But a closer look at market dynamics suggests that, rather than just newfound risk appetite, the presence of occasional buyers in the market may also be pushing them down the ratings ladder.
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Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.
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High yield rated UK supermarket chain Tesco has launched a new bond with investment grade style features to fund tender offers for eight outstanding bonds, just days after a recent rating upgrade from Fitch Ratings.
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A $1.1bn loan to take India’s Vedanta Resources private was launched into general syndication at the beginning of the month, with Credit Suisse and Standard Chartered at the helm.
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