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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.
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Medalist Partners has parted ways with CIO Brian Herr, who stepped down as CIO and co-head of structured credit and asset finance to take up a role as managing director at financial services company Exos.
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Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.
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Ion Analytics has postponed a $1.85bn leveraged loan financing the combination of Dealogic and Acuris, blaming "market volatility ahead of today’s US presidential election". With final commitments due on Monday, closing the issue was always going to be tight, but liquidity dried up too early for the company to clear out its costly private debt.
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Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.
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Kayne Anderson Capital Advisors and Napier Park Global Capital each priced CLOs on Friday with pre-Covid reinvestment durations, joining a growing roster of managers that have returned to more normal CLO structures. Though they are becoming more frequent, sources say they expect the market to remain split between standard and Covid-era deal formats.
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