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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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Fosun International benefitted from a stable post-Fed market in Asia on Thursday, enjoying investors’ full attention to price a larger-than-expected $800m deal. The bond is now the largest print from a Chinese high yield industrial company since May 2013, according to Dealogic. -
China Evergrande Group opened a dual-tranche transaction on Friday, becoming the second dollar issuer from Asia ex-Japan to come to the market after the US interest rate rise this week.
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Each of the 10 companies that have launched offerings in the European high yield bond market since Monday had different reasons to schedule their deals this week, but were rewarded with the most issuer-friendly pricing yet. It cannot get better, bankers and investors warn borrowers.
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Netherlands-based telecoms firm Altice, one of the European leveraged finance market’s leading issuers, held a lender call at 3pm London time on Thursday for €1.6bn of loan refinancings in euros, and more in dollars.
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French recycling firm Paprec and US Reit Medical Properties followed the path trodden by other eight issuers this week, entering the high yield market on Tuesday and pricing their deals after short roadshows.
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