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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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Chinese high yield property bonds have been battered in the primary and secondary markets for much of 2018. Many issuers have been forced to steer clear of the market, fearing expensive pricing at best and failed deals at worst. But regulatory changes in China’s domestic market are starting to have an impact offshore, giving real estate companies the vote of confidence they have been waiting for. Morgan Davis reports.
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A raft of CLOs that were issued during a turbulent 2016 are coming back to the market to be reset, and the higher spreads on offer are drawing attention away from brand new deals, according to sources.
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Goldman Sachs as sole arranger announced a new euro CLO from AXA Investment Managers, the €412.7m Adagio VII, on Wednesday but the primary ABS market was noticeably quieter this week.
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China Fortune Land Co and Sunac China Holdings have closed new dollar bonds, following a pair of successful taps that proved the market is returning to form.
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The flow of primary investment grade issuance in Europe has ground to a near halt, with only one new issue of decent size this week from Connect Plus. The focus for investors in on September and the European Central Bank’s strategy for the rest of the year.
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Investors in the European leveraged finance markets speaking to GlobalCapital said that, while issuance is lagging behind 2017's figures for the period, there is appetite for an increase in supply.
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