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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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BC Partners has hired the former president and chief investment officer of Apollo Investment Corp to head its own newly opened credit platform. -
The list of investors that came aboard a $69m loan for Air India has been revealed. The company launched general syndication in October and brought in new lenders at the end of last year.
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Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.
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CLO managers in the US and Europe are struggling to source loans, often pricing new deals with levels of collateral that are well below normal and thereby increasing uncertainty in the asset class. But views in each market diverge on the implications of the trend, as US CLO investors continue to show insatiable appetite, while their European counterparts cool their heels in the hope that spreads come off their historical lows. David Bell and Sam Kerr report.
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After an impressive 2016, the best year for European CLO formation since the financial crisis, the market is taking a breather, as managers struggle to source loan collateral and investor appetite for the debt at tight spreads cools off.
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It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.
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