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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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HNA Group has sealed its return to the offshore debt market as yield-starved investors nudged the unrated issuer to open a new three year trade. While the order book is not big compared with other recently deals, the issuer was still able price tightly. -
Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.
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CLO managers in August are taking advantage of favourable market conditions to price deals at tight spreads after a slow start to August left yield starved investors scrounging for paper.
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New money, new bonding facilities, a new army of investment funds, and a 97% debt write off were unveiled on Thursday in the latest plan to rescue the Spanish renewable energy company Abengoa from bankruptcy.
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Spanish engineering firms with exposure in Latin America may not be the most heavily traded segment of the credit markets, but they are certainly proving the most vulnerable.
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Increased provisioning and DBS’ high exposure to Swiber has raised some questions about the bank’s handling of the problem and the overall quality of Singaporean lenders’ portfolios, considering their local market is heavily composed companies in cyclical sectors such as oil and gas.
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