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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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Mizuho Americas said it had hired five people on its high yield sales and trading desk, as the firm looks to beef up its leveraged finance capabilities, alongside larger plans to build out its US investment bank. -
Lloyds Bank has replaced Ian Baggott, its head of loan markets.
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Interserve, the struggling support services and construction firm, has signed an £834m-equivalent three year refinancing facility, just months after it narrowly avoided breaching a covenant on its old debt.
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Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.
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ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.
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Asia’s high yield market has been volatile throughout much of the year, but it has now gone from bad to worse. Secondary prices are diving, investors are becoming increasingly tight-lipped and bankers are starting to play the blame game. Morgan Davis and Addison Gong investigate.
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