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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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Five high yield bond issues were launched in the US on Tuesday, and at least a couple more are expected on Wednesday and Thursday - fruit of the sharp turnround in sentiment in the past fortnight. This is lifting the spirits of bankers in London, who are finding it very hard to encourage issuers into the market.
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Risk retention rules spelt out last week by Japan’s Financial Services Agency have become a key regulatory concern for CLO managers that sell triple-A debt to Japanese banks, although a consensus is building among US players that exemptions for open market CLOs will be approved by regulators.
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Carlyle Group and BNPP are marketing a two-year non-conforming Euro CLO, at a time when CLO arbitrage is its worst level since 2013.
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BNP Paribas has made a string of senior appointments to complete the reorganisation of its corporate and institutional bank that began at the end of last year.
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Asia’s offshore bond market has had a strong start to the year, moving past the doom and gloom that ended 2018. But there are already signs that the difficult conditions that defined last year may only be around the corner.
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.
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