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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
New dangers are making deals harder to do, but pricing for the haves is still tight
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Zhongliang Holdings Group Co, the Chinese high yield property company, returned to the dollar bond market on Friday, adding $100m to its coffers in a tap of its maiden 2021 bonds, issued only the week before. -
Beijing Hongkun Weiye Real Estate Development Co sold a three non-put two year bond on Friday last week with one of the highest yields Asia has seen this year.
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.
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Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV.
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UBS, Hermes and Federated are hunting investors for two SDG Engagement High Yield Credit funds, which will seek to make meaningful social or environmental impacts, as well as market-beating returns.
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Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management.
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