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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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The march of responsible investing took a step into the high yield bond market this week, as both M&G and Candriam launched funds that will use environmental, social and governance factors to influence their investment choices. -
The US high yield market suffered a volatile week, with pulled deals, wider spreads and billions of dollars of retail investor outflows, but a string of determined issuers and hardy investors keen to pick up bargains meant the sell-off did not result in a full blown market rout, as many had earlier feared.
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Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.
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Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.
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Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.
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Concord New Energy Group, a Chinese wind and solar power company, was forced to pull its planned green dollar bond debut on Wednesday after it was caught in a down market.
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