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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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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber. -
Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.
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GCL New Energy is opting to use a club route for a $150m loan, mandating Credit Suisse as the sole mandated lead arranger and bookrunner, according to sources.
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China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.
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China’s Gangtai Group Co and Yango Group Co both sold bonds with 1.5 year tenors at the end of last week, catering to the Asian buy-side’s demand for short duration. Their transactions have raised expectations of more short-term issuance from high yield companies.
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Credit Suisse has named Sergio Morita as Ashish Sharma’s replacement to helm the loan syndications desk in Asia Pacific, according to an internal memo seen by GlobalCapital Asia.
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