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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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Work space provider WeWork is planning to tap the US high yield bond market this week, the latest in a recent string of early stage companies to turn to the capital markets to help fund cash intensive growth strategies. -
The trading ability of European and US CLO managers is being affected by the deterioration of a key collateral quality metric designed to protect debt investors, according to a report by Moody’s this week.
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McGraw-Hill Global Education has obtained a payment in kind (PIK) term loan from funds advised by Guggenheim Partners and Ares to help refinance its 2019 PIK toggle notes, five months after it pulled a PIK toggle bond aimed at achieving the same goal.
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More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.
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A repricing in the Indonesian high yield dollar bond market on Monday took a toll on property company Bumi Serpong Damai (BSD), which had to navigate numerous hurdles to push a $250m deal over the finish line.
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Cambodia’s Prasac Microfinance Institution has launched a $50m three year term loan with a $50m greenshoe option into syndication.
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