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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 US Federal Reserve will respond accordingly to the fiscal policy of a Republican Congress and the incoming administration of Donald Trump, Fed chair Janet Yellen said during a testimony before the United States Congress Joint Economic Committee on Thursday. -
The leveraged finance market has been met this week by a raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action. Considerable ground needs to be made up, however, if new paper is to offset the glut of repricings that have choked the market in recent months.
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Spanish construction firm Obrascón Huarte Lain failed to calm investors' anxiety on Thursday, after the company suffered its third Moody’s rating downgrade since March.
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French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.
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There’s a price to pay for market uncertainty, as Asian dollar bond issuers found out this week. While some had to offer hefty premiums to entice investors, Country Garden was forced to pull its deal on Wednesday following lukewarm demand. As investors turn cautious, market participants say that short-dated paper and juicy yields will be key for the next few weeks. Morgan Davis reports.
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Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.
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