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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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Trans Maldivian Airways has landed back in the Asian loan market for a $305m senior secured deal, following its acquisition by a consortium led by Bain Capital Private Equity at the end of last year. -
Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.
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Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.
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The ritual warnings about the ‘junk bond market’ are filling business pages again as the new year rolls on. They are inaccurate, and help hide the actual potential dangers under the surface of overheated high yield bonds.
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Investors looking for lower rated high yield bonds welcomed the roadshow of a three tranche, multi-currency deal from Algeco Scotsman, a US modular space and secure storage group, this week.
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Bonds backed by standby letters of credit have fallen from grace, as tightening spreads in the dollar bond market and growing risk appetite among investors ensure that issuers can do without credit enhancement. Have SBLCs had their day in Asia? Addison Gong finds out.
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