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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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The potential for further interest rate hikes from the Federal Reserve is going to increase the pressure on the CLO market in 2016. -
European high yield specialists hope the continent's market can repeat in 2016 its sharp outperformance compared with the US market last year — but history suggests that the two markets tend not to diverge for long.
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High yield has had a tough start to the year. Not a single deal has been announced, amid a fresh bout of risk-aversion in global markets, and the Markit iTraxx Crossover index has widened from 315bp to 339bp.
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TDR Capital has set bank meetings for January 12 to market a £745m debt package for its minority investment in Euro Garages, the UK’s second largest independent petrol station operator.
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Loans bankers have traded in cautious optimism for realism this year, as weaker currencies and loosening monetary conditions across Asia are expected to weigh on demand for foreign currency debt. Even silver linings such as a potential pick-up in loan activity from India and increased outbound M&A will provide little respite, writes Shruti Chaturvedi.
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The heavily oversubscribed books for the year’s first three Asia ex-Japan bond deals should not be taken as a sign that issuers will have an easy time in 2016. With macro concerns linked to China once again rearing their ugly head, market participants are predicting a tough year ahead. Rev Hui reports.
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