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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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Sweden’s largest oil refiner, Corral Petroleum Holdings, is in talks with lenders to renew a $1.8bn revolving credit facility — but first, it needs to refinance its 2017 dollar and euro payment-in-kind notes. -
Indian data service provider Tata Communications is understood to be in talks with lenders for a loan of $250m.
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Hong Kong’s Hsin Chong Construction Group managed to get a difficult $150m bond away this week, braving volatile markets with a two-day execution and private bank backing.
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Abengoa provided the first credit event auction of the year on Thursday and settled at a low price, after ISDA’s DC reached a split vote decision in December on the Spanish renewable energy company triggering a failure to pay trigger for 2014 credit default swap transactions.
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Alvarez & Marsal, the restructuring firm that handled Lehman Brothers’ bankruptcy, is set to deliver a scheme for Abengoa to avoid bankruptcy early next week. Bankers said the high yield market should cope whether the company survives or not.
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La Financière Atalian on Tuesday sold the first European high yield issue of the year, but the market has yet to display a convincing pipeline, in the eyes of bankers and investors.
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