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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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Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly. -
Fujian Zhanglong Group Co raised $150m from a tap on Tuesday, in a deal driven by reverse enquiry and anchored by indications of interest ahead of launch.
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Indomobil Finance Indonesia has increased the size of its latest syndicated loan to $250m from the initial $100m, keeping with its tradition of absorbing demand rather than heavily scaling back participants.
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Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.
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India is set to welcome its first international green bond of the year, as Jain Irrigation Systems opened books for an up to $250m transaction.
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Third party risk retention funds are looking increasingly attractive to global CLO managers, after the onset of US risk retention rules and potential stiffening of European rules make the CLO business more capital intensive.
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