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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 high yield trading depends closely on the US secondary market, where liquidity has declined as risk-aversion has deepened in recent months. -
Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December.
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While almost all financial markets have been stricken with fear so far this year, Europe's leveraged loan market has been surprisingly buoyant, with a healthy flow of deals and plenty of interest from investors — though the sister high yield market is a desert. Max Bower and Victor Jimenez report.
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As WTI and Brent crude oil prices slip down below $30, high yield analysts are pointing at Spain’s oil producer Repsol as the first European company that could cross over into the sub-investment grade market.
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China’s Haier Group is expected to use bank loans to fund up to $3.3bn of its forthcoming $5.4bn acquisition of US-based GE Appliances. Bankers have predicted an onshore China takeout, but the fundraising structure has not yet been disclosed, reports Shruti Chaturvedi.
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The Chinese Panda bond market has gone from strength to strength since its revival last September with the Province of British Columbia (BC) becoming the latest to issue, raising Rmb3bn ($456m) on Thursday. While plenty more sovereign and financial deals are being lined up, the future does not look bright for red chip companies. Carrie Hong and Rev Hui report.
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