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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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Emperor International Holdings, Xinjiang Guanghui Industry Investment (Group) Co and Zhuhai Huafa Group Co sealed new dollar deals on Thursday, going into their respective transactions with books fully covered. -
Japfa Comfeed Indonesia sealed a $150m bond on Thursday, exceeding both its pricing and size targets, as an improved credit profile and a conducive market backdrop contributed to the deal’s success.
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China Evergrande Group is selling a seven non call four bond, just a week after raising $1.5bn, while state-owned Hesteel Group Co has picked firms to work on a Reg S transaction.
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In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.
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Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.
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Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report.
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