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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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Recent cash flows from funds buying European corporate bonds and loans with speculative grade ratings have increased with support from US investors, as markets get ready for the second half of the year. -
Italian construction group Astaldi’s bonds have taken a beating on concerns that its exposure to Turkish risk could derail plans for injection of needed capital. For some high yield investors, it also is a reminder of market vulnerabilities ahead.
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Chinese information technology company Digital China Group is tapping the offshore loan market for a $100m deal.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.
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Sterling high yield issuers have printed less than half the volume of bonds they sold during the same period last year, which many attribute to the uncertainties surrounding the UK’s exit from the European Union. But appetite for sterling risk appears resilient for now.
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