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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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October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.
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Fortune Choice is tapping the offshore loan market for a HK$5.2bn ($664m) fundraising to support the development of a residential building in Hong Kong.
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New issue euro CLO issuance has pushed past last year’s tally, with more deals still moving through the pipeline, but loan market technicals may erode the arbitrage for new deals, said Bank of America Merrill Lynch.
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US based credit manager CIFC has hired four executives from leveraged credit firm Logen Asset Management to expand the firm’s distressed debt offering.
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Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.
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Dartington Hall Trust, a charity and social enterprise in Devon in the UK, is looking to attract bondholders for a secured deal open to retail investors. It has eschewed the London Stock Exchange’s order book for retail bonds (ORB) to use NEX instead.
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