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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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Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive. -
Wells Fargo analyst David Preston said that weaker loan recoveries were the "number one fundamental issue" for CLO investors at the ABS East conference in Miami this week, while managers anticipate a resurgence of loan repricing activity that will put pressure on returns in the structures.
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Europe’s leveraged finance issuance is fast catching up with last year’s record volumes, as investors open deep pockets. But the reverse side of this exuberance are weaker terms and more vulnerable issuers, said market watchers.
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US asset manager Pinebridge is positive on credit markets in the short to medium term, but the outperformance of assets in the past three years has increased the probability for a credit downturn according to a recent report it published.
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Qinghai Provincial Investment Group Co is expected to be able to redeem its $300m bond that matured on Wednesday, ending months of speculation about its ability to meet its debt obligation.
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Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.
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