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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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US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday. -
The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.
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China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.
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Risk retention financing and warehouse first loss pieces are becoming increasingly attractive trades for European CLO equity buyers as they face growing competition from US buyers and junior debt investors creeping down the capital stack.
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Lianyungang Port Group and property developer Golden Wheel Tiandi Holdings Company raised a combined $500m on Tuesday, wrapping up their fundraisings ahead of Easter.
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French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.
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