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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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Philips is set complete the divestment of its lighting businesses next year, with US private equity firm Apollo Global Management agreeing to acquire its Lumileds LED unit at a $2bn valuation. -
Central China Real Estate has hit the market for a $150m syndicated loan that will go towards refinancing outstanding — and more expensive — bonds.
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Four local government financing vehicles (LGFVs) ventured into the debt market last Friday, raising a combined $615m. The high yield issuers flocked out to take advantage of regulatory approvals that will expire at the end of the year.
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US CLO investors say they are feeling squeezed by the trend of managers resetting and refinancing deals, reissuing them with looser terms and less attractive spreads.
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Property developer Country Garden Holdings has signed a $1.5bn dual currency syndicated loan for general corporate purposes, including prepayment of debt.
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Local government financing vehicles from China brought out a parade of deals on Friday, with issuers including those from Jiangsu and Shanxi fighting for investors' attention in the Asia ex-Japan debt capital markets.
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