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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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Investment banking activity suffered a sluggish start to the year at the top US names, particularly in equity underwriting, but conditions brightened as winter turned to spring. -
Senvion, the wind power services company now locked in restructuring negotiations, said on Wednesday it had raised a €100m debtor-in-possession loan with existing bondholders and lenders.
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Bonds of Intralot, the Greek gambling technology company, fell on Tuesday, after an earnings release that disappointed investors and confirmed that it was in breach of leverage covenants in its revolvers. High yield research firm Lucror Analytics argued that it was now ‘imperative’ for the company to renegotiate these terms.
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Fair Oaks Capital is planning to launch its debut European CLO this quarter, with deal documentation structured to comply with ‘environmental, social and governance’ (ESG) principles.
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HNA Group’s Hong Kong subsidiary, CWT International, appeared to default on a secured Hong Kong dollar loan on Wednesday. Although the company has had debt problems in the past year, many bankers were still surprised by the default and said more thorough background checks will be carried out on Chinese borrowers in future. Pan Yue reports.
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SMC Global Power Holdings Corp (SMCGP) sold a rare perpetual bond on Tuesday, proving that investors still like the format and the rarity of a Philippines credit.
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