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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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Turbulence in China’s equities and bond markets forced Shimao Property Holdings to cull one portion of a dual-tranche dollar bond deal this week as investors shied away from the longer tenor. -
Yields on dollar bonds from Chinese issuers have jumped this year, but investors don’t appear to be rising to the bait. A rethink of borrowers’ fundraising strategies should be on the cards.
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The early part of last week saw US high yield bond funds enjoy big inflows, with spreads grinding to post-crisis record tight levels. But a spike in Treasury yields on Friday has helped reverse some of those flows, and polarise investor sentiment on the asset class.
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Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.
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Thomas Falkus has joined White & Case as a partner in its global capital markets practice to help expand the firm’s CLO and securitization business.
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Chinese stock markets led the decline among all major Asian indices on Monday, as woes in the region’s bond market also continued. Debt issuers aiming to kick off their deals this week have their work cut out for them.
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