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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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The first onshore China default from a local government financing vehicle (LGFV) has come as a shock to bankers and investors, but the negative news has not had a big impact on sentiment in the international bonds market. One LGFV sold a dollar bond this week and more are lining up, writes Addison Gong. -
Taiwan’s leveraged loans market is finally set for some action, with private equity firm KKR seeking a $1.1bn-equivalent dual-currency deal to back its acquisition of LCY Chemical Corp. But uncertainties remain over whether the acquisition will get the government’s go-ahead.
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Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.
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Chinese bond issuers were the first out of the gate on Thursday, vying for investors’ attention after public holidays in many parts of Asia shut markets on Wednesday.
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Energy group Arensis has secured funding for new facilities in the UK from Hadrian’s Wall Capital. Recent fundraising in the private debt market suggests there is high demand for new deals.
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The European markets for leveraged debt were on holiday this week, with no primary deals, moderate trading volumes and a slow but persistent widening. Some investors believe this week’s recess will be replaced by tougher markets in September.
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