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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 slew of new issue CLOs were priced on Monday and Tuesday this week, with broadly syndicated, middle market and commercial real estate deals all vying for investor attention. -
If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding.
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High yield issuers Future Land Holdings Co and China Logistics Property raised a combined $300m from their bonds on Tuesday. But the borrowers saw different outcomes. While investors continued to be attracted to property names, making Future Land’s deal 10x covered, they were less responsive to debutant CNLP.
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A $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global has gathered commitments from five lenders.
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China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.
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Asian issuers are racing against the clock to push out new bonds, taking advantage of abundant liquidity and historically low yields. But with summer fast approaching, issuers — particularly high yield debut names — should go back to basics.
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