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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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HSBC and Société Générale have underwritten a sterling loan for what is, according to two bankers, the first UK leveraged buyout since the country voted to leave the EU almost a month ago. -
Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.
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Real estate developer Greenland Hong Kong sold a highly popular bond on Thursday, in a move that highlighted investors’ lack of concern about the issuer’s high leverage.
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Mizuho has recently seen the departures of two bankers in its loans team in Singapore — one each from origination and distribution.
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KWG Property Holding sealed its third appearance in the onshore bond market this year with a Rmb2bn ($299m) private placement on Thursday. But unlike its previous deals, which were sold by its onshore subsidiary, the latest offering was a direct issuance from the Cayman Islands-incorporated firm.
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Three of the 30 most commonly held company exposures in US CLOs were downgraded in the second quarter of the year by S&P Global Ratings, reigniting concerns around collateral quality in the sector.
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