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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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US beauty retailer Coty announced pricing at the wide end of guidance for its $2.45bn-equivalent of new leveraged loans on Thursday, while reaching the end of the roadshow for $2bn-equivalent of new high yield bonds. -
Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.
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This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors.
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German car manufacturer Daimler and Chinese auto rental company Car debuted in the offshore renminbi market this week, raising Rmb1.4bn ($223.2m) between them.
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China Grand Automotive Services Co and Poly Property Group raised $300m and $350m, respectively, on Tuesday, squeezing through a narrow window before the Hong Kong market closes for a four-day break.
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Hong Kong-listed conglomerate Fosun International launched a $500m loan into general syndication this week, according to bankers close to the deal.
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