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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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In a busy week for European corporate bond issuance, two hybrid capital issues are taking centre stage.
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Fujian Yango Group sealed its inaugural international bond on Tuesday, snapping up $300m from a guaranteed bond. A quiet debt market in Asia worked in the issuer’s favour, but it still had to pay a premium for its unrated status.
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China Huiyuan Juice Group has sealed a slightly larger than planned syndicated loan of €160m with four banks. A few more lenders are still set to join, which will further bump up the fundraising, according to a source.
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Korea Expressway Corp and JSW Steel have mandated banks for new international dollar deals as the first quarter draws to a close.
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Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.
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The pace at which coupons are shrinking and covenants are being ditched in corporate high yield issues has begun to touch a nerve among the market’s veteran fund managers.
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