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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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Speculative grade borrowers stayed on the sidelines of the primary market this week. While bankers said the deal pipeline has a healthy list of issuers ready to go in April, investors warned that they might be pickier than in the first quarter.
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The second quarter may be slower to pick up for European CLOs, as demand from several big investors softens following three months of brisk issuance.
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Unlike most sectors of US corporate credit, leveraged loans have escaped the volatility of the last couple of weeks. Even a slight cooling in collateralised loan obligations, the market’s biggest investor base, is unlikely to throw this corner of US credit off course just yet, writes David Bell.
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US middle market CLO volumes are running ahead of the levels achieved in what was a record year for the market in 2017, said Wells Fargo on Wednesday.
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European leveraged finance investors are expecting lower deal volumes and wider spreads in the primary market after an exceptionally busy and expensive 2017.
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Solusi Tunas Pratama, an Indonesian telecommunications company, has launched a $577m-equivalent dual-currency loan denominated in dollars and rupiah into general syndication.
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