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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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Hong Kong-listed New World Development has converted a loan signed in March 2016 into a green loan, a first of its kind for the company and in line with its plan to promote sustainability across its business. -
Investor demand has been strong for Uber’s self-arranged second leveraged loan, allowing the ride hailing company to increase the size of the deal from $1.25bn to $1.5bn.
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Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Virgin Media raised £300m from a receivables financing note this week, a deal that despite being more complex than normal high yield bonds, was liked by fund managers.
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Malaysian rubber gloves manufacturer Top Glove Corp has sealed a $310m loan, with robust support from banks making the deal 2.5 times covered.
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Claire’s Stores was the latest retailer to file for Chapter 11 bankruptcy protection on Monday, joining a handful of other private equity owned companies that became credit casualties last week. While CLO managers have generally traded out of the names, some older deals might be stuck with the loans, wrote Wells Fargo analysts on Monday.
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