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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 FICC Markets Standards Board (FMSB) published the final version of its guidelines on best efforts primary market syndications for fixed income in Europe on Tuesday, as it now looks to move on to tackling secondary market impacts of the new issue process.
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Front and centre in a humming high yield bond market this week was Netflix, the US streaming service, which came to euros for the first time with a €1bn 10 year, dividing some investors on whether it was an attractive deal.
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Hong Kong-listed Logan Property has sealed a $150m three year loan from three banks, and will use the money to repay debt.
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SOCAM Development raised $200m from the sale of a new three year bullet on Thursday, the issuer’s debut international bond.
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A $120.6m borrowing to support an acquisition by Indian company Tata AutoComp Systems was signed this week, with 16 lenders joining the two mandated lead arrangers and bookrunners.
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Fund managers have many different views on the likely path of interest rates, credit spreads and defaults — but they all agree on one thing. As one investor put it: “It’s going to be a very small door when everyone decides it’s time to get out”.
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