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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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The buyout loan backing Advent’s acquisition of Evonik’s methacrylates business has struggled in the first round of syndication, with leads increasing the OID and targeting the wide end of guidance. -
Credit default swaps on UK retailer New Look will pay out 100% of notional, after an auction on Wednesday attracted no buying interest at all, leaving a final price of zero, an event almost without precedent.
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Fair Oaks Capital, a CLO issuer among the first to include ESG criteria in its deals, updated the capital structure of its latest deal to create split equity and a split senior triple-A rated tranche at the request of investors.
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Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.
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Cinema company Vue International has relaunched the refinancing of its capital structure that was mooted last year. It wants to clear out sterling and euros high yield bonds and replace them with euro loans.
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Bank of America has handed Jeff Tannenbaum oversight of leveraged finance for Europe, the Middle East and Africa.
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