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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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Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity. -
Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.
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Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market.
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VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans.
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Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).
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The quality of Asian high yield bond covenants dropped to an all-time low in the last quarter. Chinese property developers, making the most of a buoyant market, have been cited as the biggest cause. But as the region’s primary bond market continues to struggle, it’s unclear if that push for looser standards can continue.
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