Refinancings take the stage in US HY as LBOs disappear
The US high yield market is likely to move away from its staple fare of leveraged buyout financings in the coming months, bankers say, after LBO activity dwindled in the summer. This week $3bn of deals were priced by Thursday — none of them for new LBOs.
"Issuance for the rest of the year will be driven by opportunistic issuers looking at refinancing," said one US high yield banker.
Two large LBO financings, for Emdeon and Kinetic Concepts, have been placed in the past three weeks. But all deals in the US market since Monday fell
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