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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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Leveraged finance is once again Europe’s most vigorous corporate capital raising market this week, as investment grade markets remain slumbrous. Five high yield bond issues were mandated on Tuesday, the first day after the Easter holiday, and two cross-border leveraged loan repricings also came to market. -
Wednesday proved yet another robust day for Asian bonds, with rubber company Halcyon Agri Corporation, Industrial and Commercial Bank of China’ Singapore branch and Chinese developer Times Property Holdings out for funds in the primary market.
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Managers priced four new issue US CLOs last week, as unsatisfied demand helped triple-A spreads to grind even tighter despite softening in the rest of the capital stack.
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Medical diagnostics firm Unilabs launched a €250m high yield bond with a roadshow this week, to back its acquisition of Alpha Medical. Nomad Foods is also roadshowing a €500m deal.
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Misys, the UK financial software firm, held bank meetings on Tuesday in London for a €1bn term loan to back its $3.6bn-equivalent acquisition of D+H, a Canadian competitor, following sponsor Vista Equity Partners’ failed IPO of the UK firm last year.
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Drax Group, the UK energy holding company, has scheduled a roadshow for Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year.
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