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As funds swell, pressure to deploy rises and managers can stray from their expertise
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
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CLO manager CIFC is eyeing a September return to the new issue market after sitting on the sidelines to date in 2016, following its acquisition by FAB Partners earlier this month. -
High yield deals with weaker covenant protections for investors are taking a larger share of the European market and there is no sign of that trend stopping.
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Chenavari Credit Partners has said that European CLO single-B tranches appear "especially attractive" in the primary market, with issuance spreads at an average of 75bp over secondary during July.
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The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.
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China’s Xinyuan Real Estate opened books for a new three year dollar bond on Wednesday, and is looking to use the proceeds to repay debt, including its outstanding 2018s.
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NewStar Financial has issued its first ever broadly syndicated loan (BSL) CLO, the first offering from its newly created Arch Street CLO series, after marketing to investors in both the US and Europe.
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