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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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Against a backdrop of rising Libor rates, deteriorating loan covenants and strong corporate earnings, CLO participants in 2018 had to digest a host of mixed signals from the market. Investors and managers are cautiously eyeing a continued bull run as the sector comes to a late-cycle crossroads in 2019. -
Synthetic risk transfer markets have had another good year, with the core group of banks active in the market returning to issue, smaller firms mulling the market, and investors raising new cash to buy deals. But perhaps most exciting is the development of a whole new issuer base, in the shape of multilateral development banks, following the landmark ‘Room2Run’ deal between the African Development Bank and Mariner Investment Group.
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The European high yield bond market is storing December’s pipeline for January, but several investors warned that demand may still be thin in the new year and that borrowers should pace their plans for issuance.
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Europe’s leveraged finance market has survived another year without a downturn — indeed, spirits are remarkably buoyant going into 2019. The market is priced for perfection, however, and with rates starting to rise, issuers and investors have some serious forward planning to do. Victor Jimenez reports.
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Chinese property companies are pushing their fund-raising for 2018 to the bitter end – with sometimes surprising results. Cifi Holdings scored with a larger-than-expected $400m bond on Monday, while Redsun Properties Group sold a $200m tap.
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Wuhan Financial Holdings Group Co made its dollar market debut on Monday, raising $142m from a three year club-style deal.
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