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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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The mystery of the European high yield paradox grew this week as investors began tucking into €4.5bn of new bonds amid all-time low yields. Yet they face a puzzlingly thin deal pipeline for the second half of the year. But dormant borrowers are starting to wake up to the joys of primary, said bankers and lawyers. -
Panama severed diplomatic ties with Taiwan this week in favour of supporting China, leaving syndicated loans bankers in Taiwan divided about how the move will affect their business, as several Panamanian institutions have tapped Taiwanese bank liquidity for funds in the past. Shruti Chaturvedi reports.
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Greenland Holding Group Company is out with a 363 day dollar bond on Thursday, its second outing with a short tenor but its first in the public format.
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HNA Group company Hainan Airlines Holding Co rolled out a 364 day bond on Thursday, becoming the second issuer to seek a short-term deal recently. Meanwhile, Chinese oilfield equipment provider Hilong Holding is selling an inaugural three year note.
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Dutch musical theatre group Stage Entertainment, producer of shows including The Lion King and Mamma Mia!, debuted in the leveraged finance market this week for a €355m term loan to pay a dividend recapitalisation to sponsor CVC, after the latter’s majority investment in the firm in 2015 was unusually an all equity deal.
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A number of new European CLOs are in the works, with European issuers taking advantage of positive momentum following the Global ABS conference in Barcelona last week to print new deals.
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