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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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China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders. -
Sirius Minerals is in big trouble, and that means big losses ahead for the mainly retail investor base, who saw their shares dive 50% on Tuesday morning. Since the crisis, regulators have strained every nerve to keep complex, risky products out of retail hands — while retail investors have merrily piled into loss-making tech stocks and cryptocurrencies, and gambled on extractive industries. How much protection do they need?
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Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August.
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Socam Development, part of the Shui On Group, became a victim of a weak market backdrop this week, pulling a planned dollar bond after investors balked at its pricing expectations. Addison Gong reports.
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French telecommunications company Altice France added another €1bn to its bond package, taking advantage of the historically issuer-friendly market conditions. The tranches were finalised after the European Central Bank announced a new round of stimulus, pushing down bond yields across the board.
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Global Cloud Xchange (GCX), a subsidiary of India’s Reliance Communications, has filed for bankruptcy protection with a US court, and plans to carry out a potential debt-to-equity swap that could reduce its bond debt by $150m.
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