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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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State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond.
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Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.
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China Nuclear Engineering Group Corporation (CNEC) is struggling to get its debut dim sum offering off the ground. The company has set its sights on a deal before the end of the year, but sources say the management’s unrealistic pricing targets are not going down well with investors.
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The movement of one word – 10 places to the left – in ISDA’s credit derivative definitions was the determining factor in the trade body deciding that Abengoa had not triggered a bankruptcy credit event for most of its credit default swaps.
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Unitymedia, one of Germany’s largest cable operators, launched a €420m senior secured high yield bond today.
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Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.
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