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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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French smart card manufacturer Linxens has shifted tranche sizes in its $1bn leveraged buyout loan, moving dollars from junior to senior tranches and creating a second lien for euro investors. -
This year Chinese securitization has struggled to continue the momentum it showed at the end of 2014, failing to come close to the increased Rmb500bn ($82bn) quota from regulators. While there is more than one reason behind why issuance has been slow, market participants are still confident the budding asset class will come good by the end of the year.
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Two recent loans from Sri Lanka have once again put the spotlight on the country, which has seen few borrowers going down the syndicated route. Conversations with bankers reveal prominent arrangers are interested in securing business out of the South Asian country, but upcoming elections, the small size of its conglomerates and unfamiliarity pose constraints to dealflow, writes Shruti Chaturvedi.
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Ezion Holdings chose an unusual structure for its most recent bond outing in Singapore dollars. The borrower sold a bond with the support of a loan facility from sole lead DBS, which allowed it to save around 300bp in funding costs.
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Rizal Commercial Banking Corp (RCBC) is in the market for a $200m three year loan, making it the fifth lender from the Philippines to seek funds offshore this year. Two mandated lead arrangers and bookrunners are leading the syndication. The deal comes with a $100m greenshoe.
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China Modern Dairy has increased the size of its second overseas syndicated loan to $300m from a launch size of $150m, after two dozen retail lenders joined in general. The loan attracted lenders from Taiwan, China, Hong Kong, Japan, Indonesia, India and Korea.
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