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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 riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances. -
House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.
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Some global CLO managers are proving to be less actively engaged in managing their European portfolios compared with their US businesses, according to research from JP Morgan, bucking a belief that “a US manager tends to be more active in Europe”.
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After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.
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There is an eerie silence in Asia’s high yield bond market. Issuers have pressed the pause button as they reflect on a nosedive in the secondary market and rising fears about investors hoarding cash.
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Indomobil Finance Indonesia has returned to the offshore loan market for a new $100m borrowing, according to a banker invited to participate in the deal.
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