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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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With aggressive leveraged loan repricing hitting the returns to CLO structures, managers are taking a variety of steps to protect their portfolios. -
On Wednesday, UK financial software firm Misys pulled the $1.5bn refinancing it had been marketing as part of its planned IPO, having dropped the share sale last week.
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Banks are preparing finance packages for the leveraged buyout of Romanian retail chain Profi, with the loans likely to price almost as tightly as deals from western Europes, according to one banker.
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Central China Real Estate wrapped up an unconventional two-day bookbuilding for its new bond on Tuesday. Investors had turned their backs to the original aggressive pricing, forcing the leads to price the deal 75bp higher than the initial guidance.
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The hype in the European leveraged finance markets runs that the European Central Bank and Bank of England have made riskier assets irresistible to investors, and that fund managers are beginning to embrace even aggressive dividend deals and payment-in-kind bonds. Don’t believe it.
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Wuhan Metro Group and Jiangsu Zhongguancun Science Park Holding Group added their names to the growing list of Chinese local government financing vehicles (LGFVs) sealing inaugural dollar bonds in the international market this year.
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