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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 Asian debt market is set for a modest week in terms of primary issuance volume, as more borrowers continue to engage with investors even after completing roadshows. -
The iShares 0-5 Year High Yield Corporate Bond exchange traded fund (SYHG), which tracks short dated US high yield credit, has unwound almost 40% of its asset base in the last week and a half after investor Charles Schwab pulled its money to put into another high yield fund.
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PIMCO is understood to be setting up a new fund aimed at buying CLO equity tranches, with portfolio managers recently flagging the opportunity created in the space by the rollback of risk retention rules.
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Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.
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Cambodia’s Prasac Microfinance Institution has decided to increase the size of its loan to $100m after receiving commitments from 14 lenders to the oversubscribed deal, according to a banker close to the situation.
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Asiana Airlines, South Korea’s second largest carrier, fell victim to the rising interest rate environment, cancelling a senior perpetual bond sale on Thursday. While the notes had a relatively investor friendly structure for a perp, credit analysts did not see much value in the deal.
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