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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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One more bank has joined the top group for a loan for Tata Power subsidiary Bhira Investments. The borrower had initially shortlisted six lenders for the facility to refinance a $460m loan it wrapped up in October 2014. -
Standard & Poor’s has downgraded Chinese mall developer Renhe Commercial Holdings to CCC- on Friday with the rating agency casting doubt over the company’s ability to repay a bond due in March.
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Credit Suisse’s numbers were ugly, whichever way you slice them — a loss of Sfr6.4bn ($6.44bn), shares down 11%, bonuses down 36%. Even after “adjustments”, the bank still lost Sfr420m in its core businesses.
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Green shoots began to appear in Europe's high yield market this week after a dire start to the year, with less than €1bn of issuance in January. Five deals were marketed, two of which were priced, but bankers will not be sure the market is reviving until LeasePlan brings the first big deal, writes Victor Jimenez.
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European CLO managers have expressed concern about the state of the European market, despite suggestions the market offers relative value compared to its US counterpart.
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The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi.
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