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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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High yield notes sold by co-working space company WeWork dropped in four straight days of secondary trading after they were sold last Wednesday, less than a week after buyers piled into the offering in an apparent vote of confidence for cash burning companies. -
GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.
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Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.
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The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.
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Fintech firm Paysafe was out in the leveraged loan market this week with a chunky $800m extension of the loan deal it sold for its own acquisition in November.
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T-Mobile US has lined up $38bn of fully committed loans to finance its $26bn purchase of US telecommunications company Sprint.
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