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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 euro high yield market was dining on small portions this week, and there's little prospect of a sustained return to high volumes — despite the two chunky deals expected soon. -
Japan's Norinchukin Bank is understood to have invested in US middle market CLOs for the first time, the latest chapter in the evolution of the bank’s CLO investing strategy, writes David Bell. It accompanies a growing surge of liquidity in middle market lending in what could be a breakout year for the sector.
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A group of private equity firms have joined forces to merge UK insurance broker Towergate and four peers into a new industry player called Kirs, and this week launched a £800m bond to back the move.
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Ineos is likely to use some bank debt for its $1bn acquisition of Dong Energy’s upstream North Sea oil and gas business, and is also engaging in a $250m vendor loan note provided by Dong.
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Hensoldt, the KKR-owned defence electronics firm, held a lender call on Wednesday morning for a €170m incremental term loan, following its acquisition of avionics business EuroAvionics. The deal comes as some investors are concerned the leveraged loan market could return to the extreme conditions of earlier in the year.
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The Asia ex-Japan G3 bond market saw a slew of issuers from a variety of backgrounds hit the market on Thursday, with borrowers from Greater China as well as Indonesia venturing offshore.
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