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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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Brigade Capital is lining up for its debut European CLO, as GSO Capital printed a deal at a post-crisis record tight of 83bp over Euribor. But the sector could go tighter still, according to panellists and audience members at the CLO managers’ roundtable at the Global ABS conference in Barcelona on Wednesday. That’s important though, with underlying assets looking more expensive than ever. -
Corporate bond investors have a bevy of macroeconomic events on their radar screens, with elections and the European Central Bank meeting, but the large piles of cash in their pockets are expected to smooth over any cracks that might appear in the so far solid new issue market.
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South Africa's Sibanye Gold has mandated banks for a $1bn bond offering which will be used to refinance part of a bridge loan used to acquire Stillwater Mining Company.
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Chinese developer Fantasia Holdings Group Co wrapped up an unrated short-term note on Tuesday, snapping up $350m for refinancing. Bonds with maturities of less than a year are increasingly being considered by Mainland issuers, given the barriers in getting regulatory approval to go offshore for fundraising.
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Chinese property developer Kaisa Group Holdings is looking to launch an exchange offer, swapping a series of variable rate senior bonds for new fixed rate notes.
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Deutsche Bank has made changes to its Asia loan syndications team, promoting Birendra Baid to head up the division, succeeding Amit Khattar who is taking up a broader role.
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