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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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High yield investors are showing a taste for safety as autumn begins, with double-B rated deals once again the choice. But while risk aversion is justified, buyers should focus their scrutiny on sectors, not rating bands.
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Central bank monetary policy has squashed the yield out of all but some of the hairier parts of Europe’s credit markets. But despite mounting pressure to hit investment targets, high yield bond buyers in particular are proving a picky bunch when it comes to investment decisions, writes Victor Jimenez. -
Saipem, the Italian oil services company, on Thursday priced €1bn of unsecured bonds in a high yield market still looking at a thin pipeline.
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Primary high yield bond sales are recovering at an insufficient pace to reach last year’s levels, but corporates are favouring bonds over loans, according to the second quarter report by the Association for Financial Markets in Europe.
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UK distressed debt buyer Arrow Global this week returned to the market, after selling euros in April, with a refinancing deal to repay in full its 7.875% 2020 notes.
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Luxembourg-headquartered Armacell has launched a repricing request on its €445m term loan ‘B’, following Blackstone and Kirkbi’s acquisition of the foam insulation manufacturer from Charterhouse earlier this year.
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