Spring in leveraged finance as bonds and loans fly
When a thaw comes to high yield bonds and leveraged finance, it comes with a vengeance. For months the market was under siege — banks and investors were implacable in refusing to take on more risk. Now, almost anything goes.
Two triple-C rated, subordinated European bonds have been sold, apparently with ease for Polkomtel and Securitas Direct only weeks after even their most senior deals looked a stretch.
With high yield unlocked, leveraged finance is willing. German ball bearing maker Schaeffler has reduced the margins and tightened
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