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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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Fosun International scored an additional $600m from a tap of its $800m 5.25% 2022s last Friday, making it the largest Chinese high yield non-property deal in almost three years. -
As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).
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Drax Group, the UK energy holding company, held a roadshow on Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year, and further increased it to £550m on Friday.
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A strange and, until recently, rare phenomenon has been witnessed in the leveraged loan market — pricing widening on deals. On Thursday Micro Focus chose only the minimum amount for the euro tranche within its $5.5bn loan package, prompting whispers among some observers that this hitherto red-hot market may have found its floor, and even rebounded off it.
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Want Want China Finance and China SCE Property sold $500m and $300m of notes respectively on Thursday, as both hit the market before the expected rush investment grade names next week.
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China Merchants Port Holdings (CMP) successfully raised Rmb2.5bn ($363.4m) from a five year Panda bond on the interbank market on Thursday. The company is presenting the trade as a Silk Road bond, even though all of the proceeds will be used onshore.
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