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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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As the UK’s EU referendum approaches, associated uncertainty has seen risk in the sterling corporate bond market rise, with liquidity taking a blow.
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Airbus — Ethypharm — Vopak — Cocobod —Ahlstrom -
Triple-A spreads on US CLOs are back out near the widest levels seen in 2016 after a brief rally in the sector, with senior tranches from 'second tier' managers being forced into the 170bp range.
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High yield participants predict that they will see a boost in issuance before the summer break, as the market enjoys the trickle-down effect of the ECB's CSPP and UK voters possible vote 'Remain' in the UK's EU membership referendum— but few believe the boost will be sustainable.
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The southeast Asian high yield market saw some long overdue activity this week, with Indonesia’s Sri Rejeki Isman raising $350m from a liability management exercise. With volatility and low commodities prices forcing high yield issuers from the region to stay away from the market this year, Sritex’s success has now flung open the door to new issuance, writes Narae Kim.
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Indonesia’s Solusi Tunas Pratama is looking to replace its dollar liabilities with local currency borrowings in a bid to curb risks from FX volatility. The firm is just one of a list of borrowers considering a similar approach. But the change in tack has caused some concern among foreign lenders, which would struggle to compete with local banks. Shruti Chaturvedi reports.
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