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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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The syndicate that supplied a $405m loan on which Royal Industries defaulted, is waiting for one last bank’s go-ahead for the borrower’s waiver request. All lenders must sign off the changes before they can be implemented. -
Country Garden Holdings priced a 10 year bond on Wednesday, having pulling an earlier attempt at a deal in November. While the market remains challenging, the issue was backed by anchor orders as the leads left little to chance this time.
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Three Chinese corporates took centre stage on Thursday with their respective dollar bond offerings. So far this week, borrowers from the country are the only ones to tap the Asia ex-Japan debt market.
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Octagon Credit Investors priced its fourth and final deal of the year on Wednesday, as investor appetite shows little sign of abating going into the end of 2016.
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Lee Rochford, the former head of FIG at RBS and more recently, chief financial officer of Virgin Money, has taken over as chief executive of debt purchaser Arrow Global.
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The leveraged finance market should not view direct lending as competition but instead as a complementary funding source, said a direct lending official speaking at the Euromoney Nordic high yield conference in Stockholm this week.
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