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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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A chequered history of debt restructurings and shareholder rebellions meant that B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the issuer scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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Corporate bond spreads may be agonisingly tight, and getting tighter by the week, but investors still think they can squeeze value out of the market.
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China Eastern Airlines Corp has nabbed S$500m ($366.69m) from its first foreign currency transaction as it makes an attempt to diversify its funding base.
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KWG Property Holding raised $300m from a seven year non-call four bond on Tuesday, managing to pay a zero to negative new issue premium despite hitting the dollar market for the fourth time in 2017.
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Indonesian industrial estate developer Kawasan Industri Jababeka has returned to the market to tap its existing 6.5% 2023s.
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Redco Properties Group has jumped on the short-dated bond trend, launching a 364-day dollar deal on Wednesday.
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