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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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Investors in Europe’s leveraged finance markets have started to fight for better pricing and deal terms. But a lack of supply is playing in borrowers' favour. -
Investors want the Association for Financial Markets in Europe (Afme) to bulk up their fight against loose high yield bond terms. Afme wants high yield investors to pay a fee for the first time. With borrowers only now tentatively coming back after an unusual risk off pause, this week’s confrontation between Afme and some investor members will add uncertainty to new deal pricing, said market participants.
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First time issuers are dominating activity in the growing market for commercial real estate CLOs, with Bridge Debt Strategies the latest debut real estate investment trust to tap the market.
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Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.
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A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.
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Shares in US CLO manager Marble Point’s listed loan fund were admitted to the London Stock Exchange on Tuesday, after the firm successfully closed a $42.5m initial public offering on Friday.
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