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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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CVC has agreed a €4.44.4bn sale of its German metering and energy business Ista to Cheung Kong Property Holdings, founded and chaired by Hong Kong billionaire Li Ka-shing, in one of the biggest private equity deals of the year. -
India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.
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Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.
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Gates Global delisted its 5.75% 2022 bonds from the Luxembourg Stock Exchange this month, and relisted them immediately on the former Channel Islands Stock Exchange, now rebranded The International Stock Exchange (TISE). The move was likely a response to Europe’s Market Abuse Regulation, which has driven some high yield issuers to the non-EU exchange.
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A senior Hong Kong-based leveraged finance banker has left Bank of America Merrill Lynch, according to two sources.
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Recent strong demand from US investors for lower rated high yield bonds in euros has helped stimulate issuance from the triple-C rated companies. But US fund managers are not buying indiscriminately and bankers say they were instrumental in forcing Bain Capital to change an aggressive covenant on a deal placed this week. Victor Jimenez reports.
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