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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 global CLO investor base is becoming increasingly fluid, with US, European and Japanese investors moving between markets based on relative value and credit quality with greater ease, attendees at the IMN Investors’ Conference on European CLOs and Leveraged Loans heard on Wednesday. -
The loan package backing Ardian’s buyout of Prosol Group, the parent of French food retailer Grand Frais, is set to increase leverage at the firm to more than five-and-a-half times Ebitda, a level that one investor said was overly aggressive in the sector.
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Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.
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Petra Diamonds became the first South African issuer to test the markets in the wake of an aggressive cabinet reshuffle that saw the dismissal of respected finance minister Pravin Gordhan last week.
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Corporate bond issuers in Europe were making up for lost time with a slew of deals on Wednesday, after a sluggish start this week with just one deal for Renault’s finance arm RCI Banque on Monday. Books are big and deals are tightening strongly in bookbuild.
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Indonesia’s triple-C rated Indika Energy grabbed $265m from a new deal on Monday, on the back of a five times subscribed book fueled by yield hungry investors.
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