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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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Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals. -
Bank of America Merrill Lynch has promoted a new head of global capital markets from its leveraged finance division.
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As the European high yield market shows signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Tuesday offered €500m of notes to redeem a €490m unsecured bond.
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A recent succession of frontier market sovereign loans have given banks an opportunity to build relationships with these countries. Outwardly, some lenders may find it hard to stomach Mongolia, Pakistan and Sri Lanka risk. But a more nuanced view is needed. Getting in early will allow banks to be part of their development story.
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A break in macroeconomic volatility over the past several weeks has opened up a window for secondary spreads in many ABS asset classes to stabilise, and in some cases reverse some of the widening that took place over the first six weeks of 2016.
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Bridon Bekaert has allocated its €250m acquisition loan at the early bird stage, with no further syndication required.
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