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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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US high yield bonds have been jittery in recent days but the loan market has largely held firm, with few opportunities for CLO managers to buy assets on the cheap. The riskiest pieces of CLO debt have shown some vulnerability to market pressures, however. -
Greetings card company American Greetings, which owns brands such as Papyrus and Carlton Cards, has obtained financing from a consortium of banks to finance Clayton, Dubilier & Rice’s acquisition of a 60% stake in the privately owned firm.
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Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.
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Chinese smartphone and laptop maker Lenovo Group has approached lenders in the offshore loan market for a $1bn fundraising.
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Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.
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A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.
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