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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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Yanlord Land Group’s decision to wait until the New Year to return to the bond market paid off handsomely. Launching into a less volatile market on Monday, the deal attracted a peak order book of $2.8bn and priced at a good level for the issuer.
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Times Property Holdings made a successful return to the international debt market on Monday with a $375m bond, benefiting from a strategy of starting with a generous initial guidance before slashing it by almost 40bp.
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London-headquartered Vedanta Resources is pursuing a new 5.5 year dollar transaction after more than three years out of the international market,. The new deal is taking place alongside a tender offer for two of the company’s existing notes.
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Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.
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Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors.
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Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals.
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