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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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Despite the roadshows crowding high yield bond markets this week, Netflix could not help but draw most attention from investors. Its $2.2bn-equivalent euro and dollar issue on Wednesday was increased and is said to have been three times covered. While the company has $10bn of capital market debt outstanding already, it owes more than $27bn long term to its content providers. -
For the first time this year, high yield bond issuance in Europe is putting the corporate investment grade market in the shade.
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Indonesia’s Mega Central Finance and Mega Auto Finance have returned to the offshore loan market, jointly seeking a $100m dual currency deal.
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Redco Properties Group returned to the market with a two year note on Tuesday, three months after it priced a larger 364-day transaction.
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After weeks of thin issuance in European high yield, six deals were announced on Tuesday, of which two were true buyout financings, rather than the double-B refinancings that have dominated the market this year.
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Tesco has launched a comprehensive liability management across eight bonds, to be funded by a new issue from its recently updated MTN shelf. The move comes as the UK-based supermarket group teeters on the verge of a full upgrade to investment grade status.
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