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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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Credit derivative indices rolled into new series on Tuesday, with traders reporting a big long bias in the outgoing US and European investment grade indices among buyside participants that caused the new series to trade tighter than the level implied by fair value.
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The US CLO market maintained its strong new issue momentum this week with seven deals priced, but concerns over price discovery and long-term conditions are affecting the mood and leading to wide disparities in spreads. -
Two new CLOs have landed in the European CLO market, as arrangers take advantage of the market window to launch deals that have been languishing in warehouses for months.
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Indonesian developer Grahamas Adisentosa is seeking a long-term borrowing of $1.458bn to fund the construction of a 111-storey building in Jakarta. The almost unprecedented size of the fundraising and an unusually long tenor have led to bankers debating who will come in for the deal, writes Shruti Chaturvedi.
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Loss-making commodity trader Noble Group is in talks with banks for an unsecured borrowing of about $1.5bn to refinance existing debt.
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Fiat Chrysler Automobiles issued €1.25bn of unsecured bonds on Wednesday, the second crossover deal in the European corporate bond market this week.
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