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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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Hong Kong Airlines, whose biggest shareholder is China’s HNA Group, was marketing a senior perpetual non call 3.5 year bond on Friday, driven by anchor interest. -
The three month Libor rate topped 1% for the first time since 2009 this month, raising concerns among CLO and leveraged loan players, though most sources say they are confident that credit fundamentals are strong enough to withstand rate related shocks.
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The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market.
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Tight conditions in the European leveraged loan market are proving a boon for borrowers such as private equity houses, but CLO managers, which form a large proportion of the lending base to that market, are starting to feel the pain. CLO equity investors at the bottom of the chain will determine how far the screws can be turned, write David Bell and Max Bower.
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Executives from the Channel Islands Stock Exchange (CISE) travelled to London on Wednesday to meet investors and discuss their concerns over the growing trend for high yield borrowers to list their bonds there.
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Spreads on new issue CLO senior bonds have rallied with the first deal of the year, but mezzanine spreads look likely to widen after a deluge of lower rated paper flooded the secondary market in the past week.
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