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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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The investment grade corporate bond market is going through a soft patch, with new deals underperforming in secondary and new issue premiums widening. So far, though, issuers have not been put off.
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Details have emerged on the pricing and structure of the latest borrowing by Tata Steel, which will be used to refinance the debt of its Canadian arm. -
361 Degrees has made a smooth debut in the dollar bond market this week, raising $400m from a five year non call three deal. Thanks to the niche industry and strong technicals, the deal tightened 30bp in secondary as investors who did not get an allocation in primary rushed to the aftermarket.
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Demand for US CLOs has picked up significantly in recent weeks, but the recent run-up in the price of leveraged loans has resulted in unfavourable arbitrage conditions and is preventing managers from putting out larger deals.
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European triple-A CLO spreads are expected to tighten on the back of strong demand and limited supply, but sourcing assets remains a bottleneck for CLO managers’ ability to ramp deals.
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The Swedish firm Hoist Kredit, a subsidiary of Hoist Finance, on Wednesday sold its €250m bond to refinance a mixture of euro and Swedish krona floating rate notes.
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