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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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Two new high yield deals were announced on Monday with two day roadshows and seven year non-call three year structures that were expected to be priced later in the week. Oil exploration company Tullow Oil will offer a dollar deal while German packaging company ProGroup will sell a euro one. -
Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.
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A breach of reporting covenants on a €350m 2022 bond of Vieo, the company that owns the low cost mobile telecoms provider Lebara, has left the Nordic high yield bond market soul searching.
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Shenzhen Sunway Communications has made a quick switch to Hong Kong dollars for its debut in the offshore loans market to take advantage of recent Hibor weakness.
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Taizhou Huaxin Pharmaceutical Investment Co executed a club-style deal on Thursday, raising $150m from a three year bond. It wasn’t the only Chinese firm wooing the buy-side. State-owned Tewoo Group opted for a perpetual deal, while Shimao Property Holdings tapped the offshore renminbi (CNH) market for the first time.
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Zhejiang Hengyi Group Co, a Chinese petrochemical company, was the second issuer to fall short in the international debt market this week, pulling its planned debut dollar bond on Thursday.
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