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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 tweaks to the legal provisions and indentures in US CLO documents might increase the potential risks for debt investors, who may not fully appreciate the implication of the changes, according to a Moody’s report on Thursday. -
Beijing Capital Grand closed a successful $400m floating rate bond on Thursday, after waiting weeks for a market window. But the transaction fell flat in the secondary market after a bookrunner’s withdrawal from the trade spooked investors.
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High yield investors are hoping that a glut of fallen angels in US corporate credit might help alleviate the drought of issuance they have suffered this year, but a report from S&P Global argues that concerns over the risks in triple-B rated borrowers might be overdone.
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Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months.
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China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing.
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Fortune Oil PRC Holdings has returned to the offshore loan market for a $400m borrowing, refinancing a smaller deal closed in 2016.
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