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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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Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility. -
China National Bluestar (Group) Co paid a handsome new issue premium for a $300m senior perpetual bond amid weak sentiment for the structure, as its deal caused a widening in the broader Chinese senior perp market.
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China Evergrande Group’s $1.8bn return to the bond market this week split opinion. The ultra-high yield deal, which sent the company’s secondary bonds spiralling, was largely sold to Evergrande’s chairman — a move that attracted a mix of outrage and admiration. Morgan Davis reports.
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US CLO debt has held in despite volatile conditions across credit and stock markets, thanks to a steady loan market.
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Corporate debt investors have the jitters, with fears over a potential wave of defaults and low levels of recovery expected to materialise following a trend towards covenants that offer them ever less protection spreading from the leveraged finance world to the wider market.
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China Evergrande Group raised $1.8bn in an unusual three-tranche deal on Tuesday that saw its chairman purchase $1bn of the notes as a show of support for the company.
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