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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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Telecoms company Cable & Wireless returned to bond markets on Tuesday, less than a week after it tapped its senior unsecured 2027 bonds, with a new senior secured bond with a similar maturity.
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Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.
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There is comparatively less systemic risk in leveraged loan CLOs than in the subprime crisis-era sector, representatives from both the Loan Market Association (LMA) and the Loan Syndications and Trading Association (LSTA) agreed while speaking at an IMN conference panel on Tuesday. Credit risks for the sector remain, however.
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Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.
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Vinmec International General Hospital, a subsidiary of Vingroup, has launched a $300m deal into general syndication after receiving commitments from five banks during senior syndication.
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Broor Spahr van der Hoek is joining Arma Partners, leaving his role at JP Morgan as head of private placements and growth capital business for clients in Europe, the Middle East and Africa. The advisory boutique wants to develop its private capital offering as a complement to M&A services; it sees this form of financing as an increasingly relevant option for firms before they go public or are bought up.
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