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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 recent spike in three month Libor has prompted US loan borrowers to switch to the cheaper one month Libor rate, causing a mismatch between CLO assets and liabilities that is putting a new strain on the arbitrage in the structures. -
The lack of a fluid conversation in the European high yield market between bond buyers on one side, and underwriters and borrowers on the other, will cause trouble for everybody, say some fund managers and their advisers. They are already turning around this situation in their favour, but investment banks have yet to react.
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Chinese property developers are rushing to sell dollar bonds as momentum picks up and the market stabilises. While heavy supply is weighing on investors’ minds, their familiarity with the sector and issuers’ willingness to pay up may be able to safeguard the deals.
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Chinese real estate companies Cifi Holdings Group Co and Fujian Yango Group Co rolled out three year dollar bonds on Thursday, paying investors hefty premiums to get their deals done.
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Yuexiu Property Company priced a two-tranche dollar bond on Thursday but decided to ditch a potential offshore renminbi deal. Separately, Peking University Founder Group Co returned with another bond with a keepwell structure for $425m.
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Sri Lanka has sent out a request for proposals for an up to $1bn-equivalent offshore loan, which can be denominated in dollars, Japanese yen or euros.
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