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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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CLO managers have long highlighted their ability to generate investor returns by actively managing their portfolios during market downturns, but that may be harder to do during the next slump because of deteriorating loan underwriting, said panellists at IMN’s ABS East conference on Sunday. -
A booming securitization market and a last minute pop in registrations will bring nearly 5,000 ABS market pros to Miami Beach for this year’s ABS East conference, as attendees look to get the pulse of an aging credit cycle and an outlook on what to expect as the market nears its peak.
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Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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Debt-strapped Wuzhou International Holdings will be unable to make payments on its $300m bond this week, adding to a spate of other non-payment situations, including failing to redeem a $100m convertible bond as well as defaulting on a renminbi note and on some of its loan obligations.
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China’s Health and Happiness (H&H) International Holdings has cancelled an exchange offer as well as a concurrent new money issuance, becoming one of three issuers to pull deals this week, as bankers blame the recent explosive supply on weaker investor demand.
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Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.
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