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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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Xinhu Zhongbao Co, Suning Appliance Group Co and Chengdu Communications Investment Group Corp kept up the steady supply of Chinese credits in the dollar market, raising $440m between them. -
China’s Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material received strong demand during syndication. They have now closed their joint borrowing, raising $430m.
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Beth MacLean, executive vice president and bank loan portfolio manager at Pimco, argued in a recent commentary that growing public concerns about systemic risks linked to US leveraged loans ultimately miss the mark, even as regulators around the world continue to ramp up their scrutiny of leveraged lending.
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The $10.2bn debt package backing the buyout of Johnson Controls’ Power Solutions unit by Brookfield and CDPQ will set the tone for leveraged capital markets in the first half of 2019. But despite high hopes for more investor-friendly deal terms after successful buy-side resistance on last week’s loans, the Power Solutions covenants package sees the pendulum swing back again, writes Owen Sanderson.
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Ceva Santé Animale, a French company which develops vaccines and pharmaceuticals for animals, is preparing to raise a €2.15bn loan package to refinance and to pay a dividend.
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Indian energy company ReNew Power sealed a $375m bond sale on Tuesday with the help of a new, direct issuance structure. But although the notes were deemed to be more issuer-friendly than ReNew’s previous transaction, many were left puzzled by the borrower’s complicated approach to offshore fundraising. Morgan Davis reports.
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