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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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Issuance of leveraged loans hit $548bn in the first half of this year, setting a record for any first or second half, according to S&P Global Ratings. -
The European leveraged finance market was disappointed this week when Bain Capital’s and Cinven’s €5.3bn bid for German generic drug firm Stada fell apart.
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A burst of M&A-related financing has put the spotlight on the Asian leveraged finance market, which some still see as a poor relation to its US, European and Australian equivalents. But recent deals show that Asia’s levfin market has been evolving.
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China’s Baidu is readying a dual-tranche dollar bond offering, mandating banks for the deal, while Melco Resorts Finance opened a tap of its May notes on Tuesday.
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Greenland Hong Kong Holdings returned to the market on Tuesday for the second time in as many weeks, as Shandong Ruyi Technology Group Co and Hong Kong conglomerate Swire Pacific also launched dollar deals.
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L1 Retail, the retail division of holding company LetterOne, has agreed to buy UK health food retailer Holland & Barrett from Carlyle for £1.77bn. The deal comes after one global financial sponsors head at a bank forecast less traditional sponsors, such as LetterOne and SoftBank, to become important players in the buyout market.
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