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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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Chinese toll road operator and property developer Road King Infrastructure took advantage of investor desire for high yielding paper on Monday, offering a rare perpetual, fixed for life deal that still attracted a book that was more than 15 times subscribed. -
Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.
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Third party CLO equity investors could struggle to compete in a market in which managers have highly capitalised retention vehicles they can utilise to invest in both their own and other managers' equity, said industry sources this week.
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Swiss petrochemicals firm Ineos priced a €4.5bn-equivalent four tranche term facility refinancing at the tight end of guidance on Monday, taking advantage of a leveraged loan market where abundant demand and scarce new paper is grinding down margins and encouraging a wave of refinancings.
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Sogo department stores operator Lifestyle International has firmed up the bank group for a HK$9bn ($1.16bn) loan to finance a project on a plot of land it acquired last year.
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The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.
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