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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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A handful of new US CLOs are expected to be priced this week, including deals from HPS, Voya and Octagon, as traders say that investors are looking to take advantage of tightening spreads in junior CLO debt.
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Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition. -
HSBC has appointed Borja Azpilicueta as global head of its sponsors, sovereign wealth fund and institutional private clients, replacing Alexis Maskell, who left for Citi earlier this year.
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The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.
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Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.
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A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.
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