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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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Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.
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Speakers at ABS East in Miami on Tuesday highlighted the heat in middle market lending, as new funds chase yield in the sector with increasingly aggressive deal terms and financing methods.
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Toys‘R’Us has filed for bankruptcy protection in the US and Canada as it attempts to restructure its debt. Its woes should be another hint to CLO managers that its time to cycle out of specialist retail exposures.
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Investors were finally offered a crack at new European CLOs this week, with offerings priced from Tikehau Capital and Accunia.
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Emerging market-focused Puma Energy has mandated banks for a $300m minimum seven year non-call three bond, with high yield and emerging market syndicate desks running the process at lead banks.
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Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.
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