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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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Babson Capital is marketing its third European CLO after strong issuance in the first half of the year, even though spreads are widening. -
Banks have prepared a high yield issue to finance Cinven's acquisition of a majority stake in Synlab Holding, the German laboratory services provider, in a market quietened by unease about Greek politics.
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The People's Bank of China surprised the markets over the weekend by slashing rates for the fourth time since November 2014. But the Asian dollar bond market has been paralysed on June 29, due to the spectre of a Greek default and exit from the euro. The only issuer braving the market is China Huiyuan Juice Group which opened books for a three year deal in euros that was fully covered by anchor orders.
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A loan that had been in syndication since April from Hyva Global has been turned into a smaller club deal, but some lenders said weak sales in China prompted them to stay away.
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Investment grade corporate bond syndicate bankers expect this week to be quiet, after Greece and its creditors gave up trying to reach a debt deal, but fears of a shutdown seem far away.
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German cosmetics firm Douglas Holding, which is being acquired by CVC Partners from Advent International, sold €635m of high yield bonds on Friday after cutting their size for a second time.
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