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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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European leveraged loan bankers and investors had a chance to sit back and take stock of the market this week, as no deals were launched, after 20 arrived in a surprisingly busy January. -
Credit Suisse reported a loss of Sfr6.44bn for the fourth quarter of 2015, as the bank’s restructuring ramped up and it crammed exceptional items into last year’s numbers. Like Deutsche Bank in the third quarter, a chunky goodwill writedown was the main culprit. But the bank also suffered from its exposure to leveraged loans.
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Two acquisition financings are due to hit general syndication after Chinese New Year. One is a loan for Baring Private Equity Asia’s acquisition of HCP Global, and the other is for Singha Asia, which is buying stakes in two companies from Vietnam’s Masan through the issue of new capital.
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CIFC made headlines last week when it announced that it had engaged JP Morgan to explore “a range of strategic alternatives” to its business model, but rumours of a definitive sale or merger with another manager are premature.
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Labeyrie Fine Foods, the French producer of smoked salmon and foie gras, on Wednesday sold a €80m tap of its 2021 secured notes to finance the acquisition of food producers Pére Olive and King Cuisine from Aqualande.
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Goldman Sachs has named a new head of its EMEA financing group, which houses primary capital markets, as Jim Esposito switches roles to become chief strategy officer of the securities division.
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