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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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A resurrection of what should have been last year’s biggest deals from Veritas and a euro deal from Altice point to a leveraged loan market that has returned to good health, writes Max Bower.
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While the national economy heads for the road to recovery, the industry at the core of its 2008 crisis struggles to close its wounds: after Abengoa narrowly avoided default in March, Isolux is seeking to seal a standstill agreement with its creditors.
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US institutional broker-dealer CRT Capital Group has closed its London-based credit business, leaving only a handful of equities staff, and is intending to sell much of its US operations.
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German loan market participants have low expectations for syndicated loan volumes over the next year, although Schuldscheine will provide some hope, according to the latest Loan Market Association (LMA) poll.
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Nordic IT company Evry, 88% owned by Apax Partners, has tightened pricing on its €275m dividend recapitalisation term loan ‘B’.
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Cegid has launched €365m of loans for its buyout, at a 25 times multiple, by two investment firms. One of the buyers was set up by the former chief operating officer (COO) of Goldman’s investment banking unit in Japan.
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