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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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Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets. -
Hong Kong-listed LK Technology Holdings has divvied up its latest borrowing among 14 lenders.
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Bond investors are embracing Korean Air Lines Co (KAL) after its successful debt outing in June last year. In its $300m comeback deal on Tuesday, the company managed to find demand from a group of new investors.
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In a booming CLO market, managers have found a new bottleneck in the deal pipeline – squeezing their transactions in with rating agencies that are swamped with deals. The agencies are calling on veterans of the CDO market to help take on the challenge.
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Even before the rollback of risk retention rules has been confirmed, CLO managers have been rushing to include language in new deals that allows them to take advantage of a repeal, according to lawyers working on the deals.
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PGIM’s Ronni Neeman, vice-president, structured products, said that his institution was pushing CLO managers to put firmer terms on replacing Libor in their deal documents, cutting down on manager discretion — which could be used to lock in low fixed interest rates if the benchmark is no longer published after 2021.
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