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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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Belle International reeled in some five banks in general syndication for its HK$30bn ($3.8bn) loan, with several more commitments left to be processed before the deal is closed. -
China Aoyuan Property Group was back in the offshore market on Wednesday for the fourth time in as many months, using a dual-currency transaction to settle the last $300m of its fundraising quota.
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The US CLO primary market has shown little sign of relenting in August, with three new deals already wrapped up by Wednesday, following six new deals and five reset/refinancing transactions last week.
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Moody’s dropped its unsolicited corporate and bond ratings for WeWork on Wednesday, blaming “insufficient or otherwise inadequate information”, with the office leasing company understood to be comfortable with the higher solicited ratings it has from S&P Global and Fitch.
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Environmental, social and governance investors have done a fine job of making their approach accepted and now mainstream in a money-driven industry. Along the way, they started saying it was all pragmatic, not about principles. That was a fiction, and under the pressure of climate change, it is being replaced with a more rounded philosophy. Jon Hay reports.
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Many bond investors now say they engage with borrowers on ESG issues. Companies are noticing, and a virtuous circle is beginning to turn. But much of the conversation is still very gentle and diffuse, and not concentrated at the point of capital raising. As Jon Hay reports, more ambitious engagements to change whole industries lie in the future.
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