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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 $280m refinancing for Kingsbridge, the holding company of cable TV service provider Asia Broadcast Satellite (ABS), has been allocated among 14 lenders. -
The cottage industry of firms providing European high yield fund managers with digital bond terms databases is growing. Street Dilligence has joined DebtExplain, Dealogic and CreditSights. Each aims to make investors wiser and better able to make quick investment decisions. High yield bankers have predictably been less enthusiastic about their rise, even though the firms claim there are benefits for them, too.
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ICG has agreed to buy PAI Partners’ controlling stake in DomusVi, following a string of acquisitions at the nursing home operator.
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Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.
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Korean Air Lines (KAL) has become the first high yield issuer from the country to sell an international bond in nearly four years. Its $300m inaugural standalone deal is also evidence of Chinese banks slowly gaining clout in the region, with BOC International (BOCI) becoming the first Chinese firm to lead a Korean offering on a sole basis. Addison Gong reports.
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Chinese property developers are increasingly looking at 364 day bonds as a way to sidestep approval delays from the National Development and Reform Commission, after Fantasia Holdings Group Co sold a $350m public note this week. Short-term bonds offer a quick fix for borrowers, but there are concerns over whether this is sustainable in the longer run, writes Addison Gong.
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