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Sole bookrunner Morgan Stanley gets deal multiple times covered
Trade was oversubscribed in under 20 minutes
In highly concentrated book, top 20 investors take 90%
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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French asset manager Tikehau Capital has appointed a head of private equity.
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The leveraged loan pipeline for September coughed into life this week, as AkzoNobel Specialty Chemicals unveiled the first jumbo deal of the week, a €5bn loan to support its buyout by Carlyle and Singaporean government fund GIC.
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Energy group Arensis has secured funding for new facilities in the UK from Hadrian’s Wall Capital. Recent fundraising in the private debt market suggests there is high demand for new deals.
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European private equity firms are raising an increasing number of mega-funds this year, according to data and software firm PitchBook. At the same time, their share of high yield bond issuance has almost doubled.
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Private equity firms have bolstered their high yield footprint in European and Nordic issuance, but yield spreads are also running up, according to SEB this week.
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BMC Software was set to print $2bn of triple-C rated bonds this week, as it changes sponsor hands from Bain and Golden Gate to KKR. The new owner was also pushing for some of the loosest covenants in the market.