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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
New dangers are making deals harder to do, but pricing for the haves is still tight
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Three Asian issuers, China Fortune Land Development Co, Luso International Banking and Shandong Hi-Speed Group Co, sold their inaugural bonds on Thursday, taking home $1.15bn between them. -
China Logistics Property Holdings Co (CNLP) is tapping its outstanding three year Reg S bond for a second time, aiming to raise another $100m on Friday.
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US leveraged finance sources have blamed a rampant CLO market for allowing borrowers to run riot in the leveraged loan market with loose covenants and declining underwriting standards, trends that look likely to escalate if leveraged lending guidelines are rolled back, writes David Bell.
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All-time low funding costs have sparked record gross issuance of leveraged finance debt in Europe this year, including a stream of multi-billion sized deals. More are coming, market participants say, and leveraged loan demand will be key for them.
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The US high yield market has enjoyed another steady week of new issuance, but not all borrowers have come through unscathed — and weak earnings reports have caused turbulence in the secondary market for some names.
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Leveraged loan investors are still at the table in a week many expected to be quiet. Double-B rated borrowers like Nomad Foods, the UK frozen food producer, found strong demand after slashing margins and selling add-ons.
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