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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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Future Land Development Holdings breathed some life back to the Asia ex-Japan high yield bond market this week with a red hot $250m bond that was close to 10x subscribed. -
The European high yield market was this week on its way to catch up with the entire issuance volume priced in October — but bankers said primary action could vanish with just a 20bp NIP rise.
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Royal Bank of Scotland has moved its leveraged finance and high yield origination and structuring team out of its investment bank and into its Commercial and Private Banking division, where it will fall inside the ringfence when RBS implements the controversial UK bank segregation rules.
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Editis, the second largest publishing group in France, has signed €465m of loans to help refinance a €480m facility due to mature in January 2018.
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Commitments are due by 8pm London time on Thursday, November 12, for €200m and $750m term loan add-ons to First Data Corp’s loan facilities that mature in 2022.
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Two CLOs have hit the market in the last week, with Oak Hill’s €415.8m deal on Tuesday following last Friday’s €412.8m CLO from Alcentra. Pricing in the top tranches is sticky, but mezzanine spreads are widening. Analysts say build-up in the pipeline is giving investors the upper hand when it comes to pricing.
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