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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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A weak term that was built into the bonds backing Blackstone’s leveraged buyout of Refinitiv last week has also been included in a $1.625bn high yield bond being marketed this week for KKR’s buyout of Envision Healthcare. -
A stream of low-rated US borrowers in euros could continue to flow this year, said market participants, consolidating these reverse Yankees as the second largest sector for euro high yield bonds.
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Loan Ranger has dusted off his stetson because something happened at the Loan Market Association’s annual syndicated loan conference that he had never seen before in all his many years covering the loan market: public exercise that wasn’t dancing in Harry’s Bar at 2am after a drinks event.
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Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.
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Qinghai Provincial Investment Group Co successfully redeemed its $300m bond this week, giving a boost to its entire secondary curve and ending months of speculation about a possible default. But its debt-related troubles are not over just yet, writes Addison Gong.
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Cifi Holdings Group Co added $300m to its existing 2022 bonds on Wednesday as it got ahead of the expected supply pipeline, but the real estate company was forced to pay a juicy premium for the deal.
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