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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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Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe. -
Investors are keeping a close eye on the widening of corporate bond spreads that started in the second half of last week and has continued this week. And for the first time in many weeks, issuers are having to pay more for their new debt.
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Fixed-line telecom operator WTT HK priced a $670m bond on Tuesday, with the rare Hong Kong high yield name attracting robust investor interest. Despite a choppy market, the issuer tightened pricing by 37.5bp, and the notes held up well in secondary.
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Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.
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Chinese issuers Xinyuan Real Estate Co and Hong Yang Group Company are attracting bids for new dollar transactions, while Oceanwide Holdings Co is set to hold a two-day roadshow in Hong Kong.
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The US high yield market suffered another casualty on Monday with a third energy deal pulled in as many days, but other issuers have braved the turmoil to price new deals and there is a healthy line of borrowers keen to follow them.
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