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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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Toymaker Mattel has loosened the terms of its revolving credit facility for the second time this year after key buyer Toys ‘R’ Us filed for chapter 11 bankruptcy on Monday. -
UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.
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Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.
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Indonesia’s Waskita Karya sealed a Rph5tr ($375m) loan this week, in a rare syndication with international banks. While the borrower raised its profile as it tapped into pockets of rupiah liquidity from foreign lenders, the deal also illustrated the push by north Asian banks to deploy their balance sheet in Indonesia. John Loh writes.
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Standard Chartered has allocated a $300m offshore financing for Lotte Vietnam Shopping to four additional banks, following general syndication.
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It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.
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