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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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UK mortgage broker Jerrold Holdings and UK distressed consumer credit purchaser Cabot Financial both priced their respective £375m and £350m bonds on Thursday, with one banker saying the sterling market feels strong. -
Dutch plastic packaging manufacturer Schoeller Allibert priced its debut €210m five year bond on Thursday, after strong recent results, while Norwegian Air Shuttle looks to tap its 2019s, following its failure to issue notes earlier this year.
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Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance.
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Hellenic Petroleum, the Greek energy company, is seeking to issue a five year bond as it looks to refinance €500m of 8% senior unsecured notes due in May 2017.
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Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.
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A number of Asian borrowers are choosing to prepay their syndicated loans for various reasons, including a bearish outlook on growth. Their actions are compounding the woes of loan syndications bankers, who are already battling low deal activity, writes Shruti Chaturvedi.
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