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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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Luceco, a maker of electrical wiring products and LED lights, made its debut on the London Stock Exchange on Monday after raising £93m, amid an IPO market in which many bigger and higher profile deals have come to grief.
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US CLO investors are questioning the staying power of the recent trend of CLO resets and refinancings, which have outstripped the pace of new issuance considerably in the past few weeks. -
Spreads on European triple-A CLO paper have hit a new post-crisis low, after KKR Credit Advisors and Tikehau Capital Europe closed deals at the end of last week.
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German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.
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Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.
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Lenders are preparing the financing package for the $3.2bn leveraged buyout of Polish online retailer Allegro. A loan for the deal is likely to be mostly dollar denominated, bankers said.
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