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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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McGraw-Hill Education launched a new payment-in-kind (PIK) toggle high yield bond on Wednesday, as part of a bigger refinancing package. Once an indicator of peaking credit conditions, PIK toggle deals have become increasingly rare as borrowers head to cheaper and more flexible second lien loans. -
Twelve deals last week led many in the corporate bond market to believe this week would be the final busy week of the year. However, the roadshow schedule is now bare and investors believe they are starting to see the end of 2017.
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Mizuho has laid off three people in its high yield team, two in sales and one in trading.
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It’s a week for issuance from Chinese local government financing vehicles (LGFV), with two firms hitting the market on Wednesday and a third company meeting fixed income accounts in Hong Kong.
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US tax reform proposals are expected to weigh on investment grade corporate debt issuance next year, while the decreasing tolerance of equity investors to corporate leverage levels could also change M&A financing behaviour, said credit analysts at Bank of America Merrill Lynch’s 2018 outlook event on Tuesday.
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Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.
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