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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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Despite many UK-based CLO managers switching to the manager originator model for European risk retention in the immediate aftermath of the Brexit vote, many are returning to the sponsor route, with investors comfortable with either approach.
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HSBC is overhauling the leadership of its leveraged and acquisition finance and sponsor coverage teams in Asia Pacific, with some senior changes taking place this week. While sources emphasised this does not signify a retreat, the moves have put a focus on what some consider a somewhat “static” job market for acquisition and leveraged finance in the region. Shruti Chaturvedi reports.
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Blackstone has bought a majority stake in London-based cloud software firm Cloudreach, adding further to its existing queue of European buyouts waiting to be financed.
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Chinese digital map provider NavInfo has hit the syndicated loan market for €110m to fund its acquisition of a stake in a European target.
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Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.
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Chinese high yield property issuers have shown that they have investors in the palms of their hands, taking advantage of accounts’ hunger for yield to price deals at levels that would have been impossible a few months ago. But as more property companies face refinancing needs and investors spend their cash, borrowers will need to adapt to a tougher pricing environment.
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