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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 growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance. -
Indian company Intas Pharmaceuticals is lining up banks to help it fund an acquisition in Europe and the US, turning back to lenders who helped the company pull off a successful takeover earlier this year. But this time around, it has more bargaining power. Shruti Chaturvedi reports.
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Indonesia’s Medco Energi Internasional has added $100m to its outstanding five non call three bonds from last week, bagging a total of $400m as Chinese investors continue to prove a receptive audience.
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The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.
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Air Berlin, the second biggest airline in Germany, is at risk of defaulting on more than €600m equivalent of bonds, including €130m of convertible bonds, after the carrier filed for insolvency.
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US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.
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